Comments on: Ireland: 3% less dodgy than the Cayman Islands http://www.irishelection.com/2009/12/ireland-3-less-dodgy-than-the-cayman-islands/ Coverage of Irish Politics, News and Current Affairs Thu, 09 Feb 2012 19:43:54 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Irish Election » Abwicklungsanstalt: Germany cleans up an Irish mess http://www.irishelection.com/2009/12/ireland-3-less-dodgy-than-the-cayman-islands/comment-page-1/#comment-123633 Irish Election » Abwicklungsanstalt: Germany cleans up an Irish mess Thu, 21 Jan 2010 15:13:48 +0000 http://www.irishelection.com/?p=10450#comment-123633 [...] in a free-for-all not just for our friendly local banks but also for Dublin-based operations of foreign banks who were running some large balance sheet operations from [...] [...] in a free-for-all not just for our friendly local banks but also for Dublin-based operations of foreign banks who were running some large balance sheet operations from [...]

]]> By: John McDermott http://www.irishelection.com/2009/12/ireland-3-less-dodgy-than-the-cayman-islands/comment-page-1/#comment-123255 John McDermott Mon, 21 Dec 2009 15:31:53 +0000 http://www.irishelection.com/?p=10450#comment-123255 Kelleher and his party would open a country wide chain of brothels, if they brought in any extra taxes, and they considered them neutral, in terms of voter loss. Kelleher and his party would open a country wide chain of brothels, if they brought in any extra taxes, and they considered them neutral, in terms of voter loss.

]]> By: Ciarán http://www.irishelection.com/2009/12/ireland-3-less-dodgy-than-the-cayman-islands/comment-page-1/#comment-123224 Ciarán Sun, 20 Dec 2009 09:04:15 +0000 http://www.irishelection.com/?p=10450#comment-123224 I wrote <a href="http://orcid.net/blog/2009/12/19/light-touch-but-not-too-light-touch/" rel="nofollow">along broadly similar lines</a> last night, though I didn't pick up on the Kelleher quote. Two things though. First, I'd say that saying that hedge funds contribute a tiny amount to growth probably exaggerates their contribution to growth. Second, Ireland can still trade on being in the EU. It's probably both not true to say it has <i>that</i> terrible a reputation and it's not true that hedge funds would care so long as things don't get too bad. It enjoys a nice situation as an offshore haven. Its EU membership means that it will avoid anti-offshore regulations so it can behave like the Caymen islands so long as the Germans and French don't object. What Lenihan et al don't realise is that the protest-your-virtues-but-show-a-bit-of-leg game wears thin after a while. The EU is moving on single market regulation of systematic risks and woe betide the IFSC if its identified as the dodgy source of lots of that risk. I wrote along broadly similar lines last night, though I didn’t pick up on the Kelleher quote. Two things though. First, I’d say that saying that hedge funds contribute a tiny amount to growth probably exaggerates their contribution to growth. Second, Ireland can still trade on being in the EU. It’s probably both not true to say it has that terrible a reputation and it’s not true that hedge funds would care so long as things don’t get too bad.

It enjoys a nice situation as an offshore haven. Its EU membership means that it will avoid anti-offshore regulations so it can behave like the Caymen islands so long as the Germans and French don’t object. What Lenihan et al don’t realise is that the protest-your-virtues-but-show-a-bit-of-leg game wears thin after a while. The EU is moving on single market regulation of systematic risks and woe betide the IFSC if its identified as the dodgy source of lots of that risk.

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