Honohan urges caution on recovery.
Global Banking News-May 1, 2015--Honohan urges caution on recovery
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Global Banking News - 01 May 2015
The head of the Irish central bank, Patrick Honohan, has issued a warning on recovery, according to Reuters.
He said that Ireland's economy is still showing the scars of the financial crisis and said that it would have to be managed carefully.
Honohan, who is stepping down from office, said that this is a good time to quit as the bank was moving away from a crisis management phase and the economy recovering.
He said, 'I don't want to exaggerate the degree to which the crisis damage has been fixed. The situation is well on the road to repair but there is a degree of fragility which means management of the economy has to be very, very prudent and cautious. A lot of the legacy damage is still there, it's there in households, it's there in firms, it's still there in banks. There is certainly a lot less fragility than there was.'
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