Central Bank deputy governor Sharon Donnery has a reputation for being one of the more cautious supervisors on the European regulatory landscape. Photograph: Sam Boal/RollingNews
Sharon Donnery may be heading to the exit door from the Irish Central Bank at the end of the summer, but until then she remains a key figure in Irish financial regulation as deputy governor and her role in European regulation is only growing in advance of her move to the European Central Bank later this year.
In an interview with Bloomberg News on Monday Donnery gave a renewed warning on the downturn in the commercial property market across Europe, noting it has years left to run. “There’s been a very big shock,” she told Bloomberg’s Nicholas Comfort. “I think it’s going to be a couple of years” until that is digested, she added.Donnery has long had a reputation for being one of the more cautious supervisors on the European regulatory landscape, but that is both understandable and no bad thing.
She also warns that banks need to be particularly “forward-looking” on the issue and take a “very robust approach” to provisioning for bad loans tied to the sector. This is perhaps where experience comes to the fore. While new Minister for Finance Jack Chambers was still a teenager when the property crash kicked off in earnest back in 2008, Donnery was entrenched at the centre of the crisis.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishTimes - 🏆 3. / 98 Read more »