Patrick Neary (regulator)
Patrick Neary | |
|---|---|
| Born | County Kilkenny, Ireland |
| Occupation(s) | Accountant, Civil servant |
| Years active | 1971–2009 |
| Known for | Financial Regulator of Ireland during 2008 financial crisis |
Patrick Neary, an Irish accountant and civil servant, held the position of Financial Regulator during the financial turmoil of 2008 in Ireland, a period that included the implementation of a State guarantee for key banking institutions. His tenure attracted considerable scrutiny and criticism.
Early life
Originating from County Kilkenny, Neary pursued his education at St Kieran's College and briefly attended University College Dublin before entering his family’s horticulture business. He commenced his career at the Central Bank of Ireland in 1971.
Career
Neary began his professional journey at the Central Bank in an entry-level capacity and, over a span of more than thirty years, rose to oversee supervision related to securities and stock exchanges. His responsibilities included managing cases involving Irish Trust Bank (1976), Merchant Banking (1982), and the acquisition of First New Hampshire Bank by Bank of Ireland.
In 2003, he was appointed prudential director at the Irish Financial Services Regulatory Authority (IFSRA), a semi-autonomous supervisory body operating within the Central Bank framework that regulated financial institutions. During this period, he led inquiries into scandals affecting AIB.
Elevated to CEO of IFSRA in February 2006, Neary was responsible for regulating more than 10,000 entities with collective assets surpassing €1.1 trillion. By 2009, the authority faced criticism concerning its bank stress-testing procedures and evaluation of risks tied to property loans, notably those associated with Anglo-Irish Bank.
During a parliamentary hearing in 2015, Neary revealed that on 29 September 2008—the date when the State guarantee was enacted—he assured Taoiseach Brian Cowen that all banks were solvent, albeit acknowledging that Anglo-Irish Bank was under solvency strain. He admitted that regulatory interventions had been inadequate and expressed remorse for these shortcomings. Economist David McWilliams described him as "the worst financial regulator the world has ever seen." Neary also accepted that producing golf balls bearing the Regulator’s logo was an error in judgment.