Role of public interest directors needs tackling

The appearance before the Oireachtas Finance Committee of the public interest directors of the pillar banks shed much needed light on a grey and politically motivated area of the nationalisation of the banks.

The late Brian Lenihan will be judged in time as one of the most honourable public servants in the history of the State. But it was inevitable that he would make mistakes. The wisdom of the bank guarantee will continue to be debated for many years to come.

Mr Lenihan spent the initial stages of the banking implosion on the back foot. The quality of information flowing through the Department of Finance was woefully inadequate. The scale and pace of the banking meltdown forced rushed decisions.