Banking bosses face ‘assessments’

TOP bankers will be sacked and prevented from sitting on boards of any other companies if they fail to pass “assessments” on their ability early next year.

Financial Regulator Matthew Elderfield will write to all board members of bailed out banks telling them he will use “new investigative powers” to ensure they “meet required levels of fitness and probity”.

There are still a number of bank board members who have been there since before the bank guarantee or NAMA were announced, and Mr Elderfield said the assessment will include “their competence and track record in the period leading up to the financial crisis”.