Patrick was first appointed governor on 26 June 26 2015 and served for a four-year term before being handed another term in June 2019. He leaves behind a mixed legacy, and his legacy can probably be best looked at through the lens of the core functions of the apex bank, namely price and financial stability, monetary policy formulation and national payment systems.
When it comes to financial stability, which is a condition in which the financial system is generally stable, he had to go through a curve. Two months into this his first term, he shut down a little-known Dubai Bank without having to roll up his sleeves.
But two months later, he would face his first real test when he shut down Imperial Bank, a medium sized bank. Six months later, in April 2016, he had to deal with another bank failure in the form of Chase Bank, another SME-focused medium-sized bank (an action which caused
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