David Drumm

The fingering of Brian Cowen's economic policies, while minister for finance, as being central to the economic crisis in which we find ourselves was a long time coming.

For too long Fianna Fáil ministers had sought to blame global factors for what was Cowen's short-sightedness in eroding the country's tax base in favour of short-term income, through property, on the one hand and long-term spending consequences via pay rises for the public service and growth in their numbers on the other.

The reality is that we are still only at the very beginning of the crisis enveloping this country.

Growth may pick up but how long will it be before we can rebuild the National Pension Reserve Fund? That fund was set up for a very particular purpose – paying the exorbitant cost of public service pensions into the future. Even with the pension levies that were introduced, the taxpayer is going to be left paying high taxes even after recovery sets in.

Those future obligations haven't gone away, you know. They stood at an eye-watering €108bn at the end of 2008. Funding that on an ongoing basis will cripple the country for many years to come.

Drumm beats for anglo

Will we see David Drumm make an appearance in the Commercial Court tomorrow? Probably not but an interim motion into Anglo Irish Bank's case against him is due to be heard tomorrow. Drumm is seeking an order striking out the proceedings "for failure to make discovery".

Green property wise to be prudent amid double-dip talk

Green Property's decision to link up with global buyout group TPG is hardly a surprise given the amount of stressed property debt and assets still on bank balance sheets that needs a home. The company has timed its exit and entry into the market well over recent years, largely bailing out of the Irish market before the crash and wading back into the UK market last year when assets hit the floor.

Now though the dreaded double dip in property prices is the topic of conversation all over London, given the scale of government cutbacks on the way, so it would not be surprising to see the new joint venture vehicle sit back for a few months gauging the waters before it makes its first acquisition.

It is understood that the last major UK deal that Green chased was reduced in size by the bank involved and the process has largely gone quiet. Wait and see seems to be the approach of choice across the water.