So the Banking Inquiry Report has finally been published. A cynic might think the timing opportune to discredit the previous Government as we head into full election season. Spare me, the last six months of foreplay have put me off, “Not tonight dear, I’ve a headache!”
No doubt, throughout the country, Complete Bankers are polishing off their Expressions of Deep Regret. I’m going to email mine in, from an anonymous account…
Anyway, here’s my quick take on this report. As someone who argued and advocated for alternative approach (burn baby burn) to the Debt, particularly the Subordinated Bonds, there’s very little new information. There’s confirmation of a lot of what we speculated and took to be true. There are lots of learnings to be taken.
When selling financial regulated products the Sales Coach would always stress “Don’t sell features, only sell the benefits.” In other words, don’t say this income protection policy has an occupation specific feature. Instead say; “As a classical pianist, your hands are critical, if anything happens to them, you will be covered, even if you can take up alternative work.” Benefits are features in action.
Using the sales guru logic the Banking Inquiry Report is a list of Features, no use to anyone unless we derive some Benefits from the entire ordeal. Will the regulator grow teeth and bite financial malpractices? Will the Government grow some balls and tell Subordinated Bondholders (NAMA are still paying these up until 2020) to go take a flying leap? Will our media, who worked hand in hand with the Chumocracy, call out the recent signs of returning to the old practises of backhanders, sharp practise and demands for less regulation?
I’ve no confidence that the current Government have any understanding of these issues. They are back to assuming Infinite Growth in their budget projections and mortgaging the future for re-election. Even Johnny Ronan is receiving rent from NAMA!*
There are many things that feature in the report that could be of great benefit to the financial service industry and the health of the economy. It deserves to be put into action. My question is do you trust them to do it?
Tony Groves Jan 2016
*NAMA is also an anagram for an American Iraqi torture site, Nasty Ass Military Area.