Banking inquiry report 'worse than useless', says US expert

Banking inquiry report 'worse than useless', says US expert

The banking inquiry report has been described as "worse than useless" by a US expert who also said it gets "all the key things wrong".

Bill Black said we would not learn anything from the report that could prevent another financial collapse.

Mr Black (pictured below) who is a Professor in Economics and Law at the University of Missouri was one of the first witnesses to the inquiry. He previously described the bank guarantee as "insane".

He said the inquiry was hamstrung from the outset and that we had learned nothing new.

"It's worse than useless and gets all the key things wrong in terms of preventing the next crisis," he said.

"Part of it is the fault of the Irish people who voted against having a real inquiry and they got a not-very-real inquiry."

The Banking Inquiry report will be debated in the Dáil today.

Ninety minutes has been set aside to discuss the document, which found fault with the Financial Regulator and the ECB, and also found that the so-called "soft landing" theory had never been subjected to any scrutiny.

Read: Banking Inquiry: Main findings and recommendations

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