Ireland still a ‘sitting duck’ unless bank rules change

Ireland will remain a “sitting duck” for another economic crash unless it instigates new rules to personally fine and jail bankers who break regulatory law.

The damning prediction was made by US banking and fraud expert Professor Bill Black during the latest hearing of the Oireachtas bank inquiry.

Speaking during a three-hour meeting with the cross-party group, the author of The Best Way to Rob A Bank Is To Own One repeatedly lashed out at Ireland’s decision to guarantee subordinate debt, blatant holes in our banking regulation defences, and a bonus culture that ensures bankers will deliberately push mountains of poor-quality loans on unsuspecting customers to feather their own nests.