Noonan: We can’t belive what the banks say

Michael Noonan has bluntly stated banks cannot be trusted, saying: “We can’t believe what they say.”

Despite saying they have a credibility problem, the finance minister ruled out sending large teams into banks to assess their IT systems.

Mr Noonan was responding to questions in the Dáil on Ulster Bank. Fianna Fáil finance spokesman Michael McGrath said the banks’ biggest problem was no longer lending but technology, as the Ulster Bank “debacle” had demonstrated.