There was information ‘to mitigate bank crisis’

CLAIMS by the Regulator contained in the Comptroller & Auditor General’s (C&AG) report that the financial crisis was caused by a “unique” set of circumstances cut no ice with the deputy leader of the Labour Party Joan Burton.

It is clear from the C&AG’s report, there was enough information within the Financial Regulator “to be able to prevent, or at least mitigate, the banking crisis”, she said.

The use of standard computer based interrogation techniques techniques, “allied with a spirit of intelligent inquiry, would have shown that lending patterns were out of sync with economic fundamentals and that further, searching questions needed to be asked of our financial institutions,” she said.