Banks insist system failures being addressed

BANK representatives have accepted the role of the various financial institutions in the banking crisis, but said that the resulting problems are already being addressed.

Responding to Peter Nyberg’s report — which ruled that the banking crises was mainly domestically driven — the Irish Banking Federation (IBF) said it and its member banks are “engaging constructively” with the process of improving Irish banking.

“The report points to shortcomings, mistakes and failures on the part of many of the key players in the economy — including banks, regulators and Government amongst others. The consequences of this collective failure have been well documented and the IBF has fully acknowledged the banking sector’s role in this and its full appreciation of the support of Irish taxpayers,” the IBF said.