Bank crisis inquiry not on Cowen agenda

AN official inquiry into the banking crisis continues to look unlikely after Taoiseach Brian Cowen reiterated that his focus was on solving the problems in the sector rather than investigating their cause.

Mr Cowen said the Government’s immediate priority was implementing NAMA to relieve the banks of their higher-risk loans. That loan valuation process would “crystallise” the losses being faced and make clear how much extra capital the banks required to return them to health.

Mr Cowen said he didn’t want to “speculate” on how much money the banks would need, but Government stood ready to inject extra capital in return for a greater shareholding.