The Honohan Files

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Revealing: Michael Noonan

The correspondence that reveals how the governor pressed for cuts ahead of budgets 2013 and 2014

Patrick Honohan, the outgoing governor of the Central Bank, told Michael Noonan, “Don’t ease up now,” as the Minister for Finance prepared to introduce €2.5 billion in cuts in Budget 2013. Honohan wrote to Noonan on September 25, 2012, three months before a budget which introduced the local property tax and cut child benefit, among a range of other austerity measures.

“The first message I would like to deliver can be summarised as ‘Don’t ease up now,’” Honohan...

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