TDs seek fines and bans for directors of failed banks

Heavy fines and work bans should be slapped on directors of failed banks amid concern that white-collar crime laws here are weak, according to a report by the Public Accounts Committee.

The Department of Finance is not “fit for purpose”, it warned, adding that €122m in fees have been paid to external consultants advising state bodies on issues linked to the banking crisis.

The PAC’s draft report on bank stabilisation, obtained by the Irish Examiner, produced damning findings against civil servants, the department, and regulators. It looked at the banking crisis, the decisions made, and the future of banking.