Why did financial guru Michael Somers resign from the National Treasury Management Agency?

Michael Somers who was kept out of the loop when the Govt bailed out the banks but was expected to take responsibility for cleaning up the mess

One of Ireland’s foremost financial experts, Dr Michael Somers, the former head of the National Treasury Management Agency, was excluded from the Government’s bank guarantee decision.

Neither he, nor any of his officials, received any prior warning, or any indication, that the Government would move at any point to guarantee the loans and the deposits of all the Irish banks.

Tellingly, while not privy or part of any ‘inner circle’ on what was going on,  his agency was expected to help ‘bail them out of the mess’.

While one of the few senior financial officials whose reputation remains intact, if not greatly enhanced,  he resigned as head of the agency late last year following the Government’s decision to re-write the remit of the NTMA by making it responsible for NAMA.

Read the article here

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