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An expedient voice November 14, 2016

Posted by WorldbyStorm in Uncategorized.

I see that John Moran, former secretary general of the Department of Finance from 2012-2014 is airing his views in the SBP this weekend. And they’re most handy views, all things considered, for a certain tranche of the orthodoxy.

For him ‘a minority within want to take for themselves what little resources we might have’. Furthermore he writes ‘they will wreck our finances again for future generations’. Hmmm… again? Surely he’s got that wrong, though didn’t we hear something similar from Stephen Collins recently too?

But who are this minority?

‘The demands from public sector unions are undemocratic’. Why so? Because apparently the exercise of the right to strike in favour of improved wages and conditions goes against ‘Budget 2017’ which as a manifestation of ‘new politics’ and according to Moran ‘not perfect’ was ‘democracy’.

He writes:

What gives any vested interest or loser the right to hijack that democratic process by demanding their own special deal before next year’s priorities are established?

Think about that. He’s essentially arguing against public sector workers having the right to strike.

It’s completely zany stuff really. One can agree or disagree with the reason a union might exercise a right, but the idea that Budgets are so sacrosanct is absurd. Furthermore note the following:

When the building boom merry go round stopped we discovered what we were really earning nd how little we were paying in taxes. We realised that our expectations were too high and that we were living beyond our means. We were forced to rein in our expectations and realign them with the real value of our national output.
What now gives anyone the right to demand for themselves ‘restoration’ to those unsustainable levels at the expense of others?

That completely ignores so many political and economic factors that it is hard to know where to begin. Who was paying too little? Is the current level optimal? And so on.

And what of further calls of his, for example that pensions should be on the table in future, or that compulsory redundancies should be an option? It’s all utterly reactionary stuff, and positioned within an approach that see an almost punitive approach to public sector workers as the only reasonable one.

There’s more but you get the gist.


1. EWI - November 14, 2016

If the SBP, Sindo etc. are really looking to find actual ‘fat cats’ in the Irish public sector then they can perhaps start here.

RHH International
August 2015 – Present (1 year 4 months)

CEO and Founder of consulting company providing strategic advice to a range of clients. Why only work for one company when you can be challenged by many, Projects include:-

* Advising a major sharing economy company on set up of operations in Ireland and on further business model expansion, including regulatory and public policy implication
* Senior Advisor for a leading global investment bank for financial institution clients in the UK and Ireland
* Advising investment firms on macro-economic and fiscal policy matters.

Fascinating portfolio of pro-bono work. Projects include:-
* Chair of the Hunt Museum in Limerick – http://www.huntmuseum.com
* Establishment of Narrative 4 European office – http://www.narrative4.com
* Advice in relation to the funding of Dublin’s planned new municipal library – http://www.parnellsquare.ie
* Member of the Limerick Economic Forum and other urban redevelopment advisory work – http://www.limerick.ie/limerick-2030-economic-and-spatial-plan-limerick
* Speaker on urban regeneration and balanced regional development
* Helping SMEs

European Investment Bank
Director and Member of Risk Policy Committee
European Investment Bank
2013 – Present (3 years)

Member of the Board of the EIB, Europe’s policy bank (www.eib.org) and the largest multi-lateral lender and borrow by volume.

Secretary General
Department of Finance, Dublin
March 2011 – August 2014 (3 years 6 months)

Head of Ireland’s Department of Finance and previously Head of Banking at the Department.

Responsible for overall management of the dept responsible for the recovery of Ireland’s economy and re-entry of Ireland to market based funding post the bailout, oversight of economic, budgetary and fiscal, banking and financial service policy matters and of Ireland’s investments the covered banks.

Close counsellor to the Minister for Finance planning Ireland’s economy recovery.

Member of Ireland’s Economic Management Council and participant in many other cabinet sub-committees and cross departmental steering groups.

Directed the Department during key moments of Irish recovery including re-negotiation of the IMF-EU bailout terms, delivery of all IMF-EU programme commitments, development of micro-measures to stimulate economic and job growth, mortgage arrears strategy, IBRC liquidation and post bailout economic strategy.

Responsible for the design and implementation of reform and reorganization of the Irish banking sector, including deleveraging plans and capital and liability management.

Led the negotiating teams for the private sector investment into Bank of Ireland and the sale of Irish Life.

Implemented ambitious reform agenda of Department structures, management and communication practices, including new governance structures, the creation of new units for economic policy, risk managment, legal, a corporate and project management office, IT enhancements, new work and other HR practices.

Led Department work on reform of governance structures at the NTMA and establishment of New Era, the Strategic Investment Fund and the Strategic Banking Corporation of Ireland.

Participated on a broader European and international level including supporting the Minister’s Ecofin agenda, successful Irish presidency of 2013, participation at Eurofi and Euro 50 events.

Co-Chair of Ecofin High level Expert Group on non bank financing structures – Finance for Growth (2013)
Central Bank of Ireland

Head of Wholesale Bank Supervision
Central Bank of Ireland
July 2010 – March 2011 (9 months)

Responsible for the supervision of wholesale banks (largely IFSC and other non-retail international banks and the retail operations of certain foreign banks) and bank branches in Ireland and new credit institution approvals. Equally responsable for the broader Prudential Analytics team, the enhanced bank inspection team and a unit responsible for the development of an enhanced credit register and the SRR. Since November 2010, I have been leading the development of the bank deleveraging plans for the IMF/EU/ECB memorandum of understanding a role which also includes the development of a vision for the future banking system in Ireland. Have represented Ireland at the EBA Groupe de Contact and the BIS International Banking Supervisors meetings in 2010.

CEO and Board Member
Zurich Bank
1997 – 2005 (8 years)

Established Zurich Bank/ZCM Ireland a $2 billion business in Dublin’s IFSC. Secured a ground-breaking change in Irish banking rules to permit a license for a bank within an insurance group. Structured and raised in excess of $1 billion of sub-LIBOR structured capital and funding, generating the opportunity in Dublin for profitable hedge fund lending. Built and managed a cross disciplinary team including a treasury operations which provided an additional $1.5+ billion of funding to the ZCM group and conducts ZFS groupwide treasury and trading operations. Repositioned Zurich Bank within ZFS during 2004 to become the centre of treasury dealing for ZFS and also the headquarters of Zurich Banking, the new banking unit of ZFS. As Head of Business Development for Zurich Banking, transacted the bank’s largest deal in 2005, the $60m refinancing of an Italian hotel group, before leaving the Zurich group at the end of that year.

Zurich Capital Markets
1997 – 2004 (7 years)

One of the founding employees of ZCM, a structured finance and capital markets subsidiary of the ZFS Group and a leader in the field of providing structured derivative and lending products and custody services to the alternative investment industry, especially funds of hedge funds. In 2002, moved to Sydney to manage the wind-down of ZCM Asia (Hong Kong, Singapore, Tokyo and a derivatives and principal finance business in Sydney). In 2003, became CEO of ZCM based in New York to manage the successful sale of the lending and asset management assets of that division ($10+ billion) and progress the disposition/wind-down of the remaining operations.business of ZCM (UK) Ltd.

Resident Solicitor, New York Office
McCann FitzGerald
April 1994 – February 1997 (2 years 11 months)

VP Legal
GPA Group plc
August 1990 – April 1994 (3 years 9 months)

Associate Attorney, Tax Group
Sullivan & Cromwell LLP
September 1987 – June 1990 (2 years 10 months)


If that’s not enough:

‘Ex-Department of Finance boss John Moran picked up by Uber’



2. oliverbohs - November 14, 2016

Er, will fully admit to not seeking out this article, due to your reference near the end to his call for pension reform to be “put on the table”.
Senior civil servants who can look forward to King Croesus levels of pension remuneration congratulating themselves for not being afraid to talk about “hard choices” just make me wanna smoke crack. These ****ing ****head parasites along with outside consultants, PR men etc etc furthermore induce bleak fantasies involving Gatling guns.
Irish Water. The new postcode scandal (was it six, seven consultants for that?)One rule for them…

Liked by 1 person

EWI - November 14, 2016

His CV (look at LinkedIn) makes for highly illuminating reading.

Among his paymasters now is Uber.


EWI - November 14, 2016

(Incidentally, WbS, I had copied pastes said CV here and it disappeared into the spam filter I think)


WorldbyStorm - November 14, 2016

Thanks EWI, that’s sorted now. Illuminating reading.


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