Honohan proves that he is above politics
So now we know. The Central Bank, finally, is above political influence. In the past number of months, Patrick Honohan has come under sustained pressure from politicians and policymakers to dilute and water down his controversial proposals to tighten
The Taoiseach, his Tánaiste and their finance minister all expressed concerns at aspects of the rules, which sought to restrict both loan-to-income and loan-to-value ratios of Irish residential mortgages. Indeed, ahead of the publication of Honohan’s finalised proposals, the Central Bank governor met Michael Noonan to discuss the plan.
Against all this popular and political pressure, Honohan largely stayed the course, and held that a restriction was in the best interests of Ireland....
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