Cabinet to discuss banking report today

A report on the causes of the banking crisis is expected to be discussed by the Cabinet this morning.

The third report on the banking crisis, written by Peter Nyberg who worked with the Finnish finance ministry, is expected to spare individual politicians from blame for the financial meltdown.

Instead it will blame the "herd mentality" and bankers who, blinded by profit, failed to speak up about poor banking practices.

The report is understood to be extremely critical of the lack of governance in banks, and the lack of control exercised by the Central Bank and the Regulator.

It will also find fault with the Department of Finance, economists, the media and the Government who all played a role in the culture which led to the banking meltdown.

The Cabinet is expected to consider the findings of the report today, after which it is expected to be published by Minister for Finance Michael Noonan.