John Hurley: The economic and financial environment in the Euro area Speech by Mr John Hurley, Governor of the Central Bank and Financial Services Authority of Ireland, at the 6th Finance Dublin Securitisation Conference, Dublin, 27 November 2007.
Serious thought should also be given to the possibility of forbidding “naked short selling” of these instruments, allowing only market-maker institutions to do such transactions as hedging activity when they already have transactions with agents who possess a real insurable interest. The third aspect I want to address is the “too big to fail” problem.