IBOA backs call for banking inquiry

The union representing Irish bank workers today welcomed the recent comments by UCD economist, Colm McCarthy, on the need for a public inquiry into what went wrong with the Irish banking system.

The Irish Bank Official's Association (IBOA) has urged Finance Minister Brian Lenihan to seek to establish a comprehensive inquiry under the auspices of a Joint Oireachtas Committee.

“Not only does the general public deserve a thorough explanation,” said union General Secretary Larry Broderick in a letter to the Minister, “but thousands of ordinary bank employees also deserve to know how a substantial failure of leadership in the financial services sector has placed their jobs and livelihoods in jeopardy."

However, he cautioned against an approach which would be too obsessed with finding individual scapegoats.

“The banking crisis has resulted from a widespread systemic failure – involving not just the financial institutions, themselves, but also the public agencies charged with their supervision and regulation,” he said.

"A more useful approach should aim to identify the important wider lessons that must be learned to prevent a recurrence of these events in the future.”

The IBOA is currently consulting with its members on the NAMA issue with a view to delivering a comprehensive assessment next week on prospects for developing the Irish financial services industry.