MY DAVOS:The World Economic Forum provides Bank of Ireland chief executive Brian Goggin with an opportunity for down time in his busy schedule. The 2008 gathering was Mr Goggin's fourth time in Davos.
"The attraction is in the content. It is a fantastic opportunity to take time out of a very busy schedule to learn, to reflect and to think. I try to get to non-business sessions and discussions to broaden my mind."
Among the sessions that Mr Goggin has attended in past years were talks on the use of the internet for terrorism, the subject of depression and its economic cost, and the search for a cure for cancer.
This year, given the current economic turbulence, Mr Goggin attended mostly finance-related talks such as those on the global economic outlook for 2008, regulation and capital market competition, and systemic financial risk.
"This is a place where you can meet a variety of people. You can approach and be approached."
This year's meeting was dominated by the foreboding global economic crisis, which was pushed up the Davos agenda by the US rate cut and the SocGen rogue trading case. For Mr Goggin, it was a time to reflect on the risks that concern him.
"I am often asked by institutional investors what keeps me awake at night. I say there are two things - a systemic shock in financial services or a systemic failure, and if Ireland loses its competitiveness. Those two have the potential to be quite destructive."
He is upbeat about Ireland's prospects. GDP will grow by between 2.1 per cent and 4 per cent in 2008, he says, while rents have grown by 9 per cent, which will help the property market. He believes there is "a a greater than 50:50 chance" of a rate cut by the European Central Bank but it might not happen for a few quarters.
