Banks’ solution must serve economy first

ON October 30 businessman Philip Lynch, whose investment vehicle One51 holds stakes in NTR and the car ferries group ICG, called for the urgent re-capitalisation of the banks, which have been dangerously undermined by the global credit crunch.

Lynch, best known as the first boss of IAWS plc where he made Cuisine de France an international brand, had been asked to address the current economic malaise and suggest remedies.

He pulled no punches about what he thought needed to be done by the six Irish banks which are still hiding behind the protection of the State and taxpayer six weeks later.