FG threaten massive penalties for rogue banks

FINE GAEL deputy leader and finance spokesman Richard Bruton said Fine Gael in government would consider radical restructuring and regulatory changes in the banks to make sure the country was never held to ransom again by a failed banking sector.

Neither did he rule out breaking up Bank of Ireland and AIB, if that is what was required to prevent another financial crisis.

He told the Irish Banking Federation’s National Conference a Fine Gael government would introduce new banking offences with massive penalties.

“The banking sector must accept significant responsibility for the economic collapse that Ireland has experienced. The banks, their managers and boards and the regulatory system have failed miserably in their responsibility to invest savings prudently and manage risk responsibly, with catastrophic consequences for the country.”

The taxpayer would never again be called on to bail out “buccaneer” banks under Fine Gael.

Mr Bruton, who strongly opposes NAMA as the way out of the banking crisis, accused the Government of being complicit with the banks in getting them our of their current mess.

“Ordinary people are furious because they see the taxpayer being made the patsy who has to pay for the damage done”, he said.


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