IBOA wants full inquiry into failure of banking system

FINANCIAL services trade union the Irish Bank Officials’ Association has written to Finance Minister Brian Lenihan calling for a comprehensive inquiry into the causes of the downturn in the Irish banking system in the last year.

This supports a suggestion made by Central Bank chief Patrick Honohan at a Dáil committee yesterday, that a large-scale inquiry, not unlike US Congressional hearings, could be held, availing of expert witnesses and key participants in the crisis.

The call has been welcomed by the Corporate Governance Association of Ireland. Chairman Jerry Kelly said that such an investigation would be very important in order to understand what exactly went wrong and what the lessons are for the future.