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INDUSTRY
So does he believe the Irish banks are exceptional because of the Good governance
sheer level of the property bubble that was allowed to develop in ThemanagementoftheIrishbankshascomeundersustainedcrit-
this country? “Well the Irish banks are exceptional, but in the icism and, as Eugene Sheehy and Richard Burrows retire, and as
sense that they managed to bust themselves with little or no Australian banker Mike Aynsley takes over at the helm of Anglo
skill,” he explains. Irish Bank, few of the old Irish banking establishment remain
“You can say what you like about the sub-prime business, but at standing today. In Milne’s view, it is only right that the boards of
least they were very complicated instruments. The Irish thing is a management of the banks take responsibility.
bit like the Titanic in that it crashed into an iceberg, compared to “There’s clearly a big push for more regulation, for better regula-
the crash of a complex modern airliner. In a modern airliner, it’s so tion, but to me it is as much about the way the banks are governed
complicated that when something minor goes wrong you may get and run. It’s not just the responsibility of regulators to make sure
adisaster.TheIrishbanksmanagedtodestroythemselvesinavery the banks are well run, but also of the non-executives and of the
simple environment.” board.”
UCD BUSINESS CONNECTIONS 15
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