New bishop uses first address to warn banks

In his first address to his diocese, the new Bishop of Cloyne threw down the gauntlet to the banks, warning they need to “do more of the heavy lifting” as the financial crisis is crushing ordinary people.

Bishop William Crean, who was ordained bishop at a spectacular ceremony at Cobh Cathedral yesterday, said ordinary people had made huge sacrifices and “the discipline and demands of the ‘troika’ weigh heavily on us”.

“Jesus was critical of those who placed excessive burdens on people’s shoulders. Is it not time that major financial institutions do more of the heavy lifting? The people have done their share,” he said.