Alan Dukes – On another planet

Alan Dukes and Kevin Gardiner, economist and the man who coined the phrase Celtic Tiger, were discussing the ongoing financial crisis on Today with Pat Kenny during the week (Thursday?).

According to Gardiner it’s all to do with confidence. People are feeling bad about themselves and the country. All that’s needed is a change of mindset and everything will be just grand.

Dukes, the alleged taxpayer’s representative on the board of Anglo Irish Bank, was in full agreement.

Taxpayer’s have cause to worry as to what planet Dukes is living on after listening to his plans for Anglo Irish Bank.

We have put together a restructuring plan. The first phase is the NAMA operation. The next phase is to stabilise the operation of the bank and finally to split the bank into a new Anglo and a bad bank and make the new Anglo a business bank and perhaps part of the third banking force.

When asked what was the bad bank part of the new Anglo he replied.

It’s a bit like NAMA, it’s where you park the less well performing bits of the loan book and gradually work them out over a period of time.

But, but…I could hear worried taxpayer’s saying…Isn’t that what NAMA is supposed to do in the first place?

As for the third banking force? Senator Shane Ross, writing about it in today’s Sunday Independent calls it the third banking farce. It’s worth a read.