Penny still hasn’t dropped

“A BIG change in banking culture” was what Finance Minister Brian Lenihan promised back in February 2009 when a major bailout was announced.

In exchange for a €7 billion capital injection and a €440bn guarantee, there would be an “Obama-style” cap on bankers’ pay, an “extensive clean out” of management in some cases and “immediate changes to remuneration”.

Mr Lenihan pledged: “Where changes are required, changes will be made.”