Noonan orders clearout of bank directors

The Finance Minister Michael Noonan has announced that he has ordered a clearout of bank directors who were on the boards of financial institutions before the bank crisis hit.

The Finance Minister Michael Noonan has announced that he has ordered a clearout of bank directors who were on the boards of financial institutions before the bank crisis hit.

It comes after a new report on the causes of the banking crisis said the main reason for the financial crash was the unhindered expansion of the property bubble financed by the banks.

The Peter Nyberg report said: "It is unbelievable that intelligent professionals in the banking sector appear not to have been aware of the size of the risks they were taking."

It said the problems causing the crisis were the result of domestic Irish decisions, rather than international factors.

Minister Noonan said AIB has already announced that it will comply with his instructions.

Mr Noonan said: "My position always has been that I don't hold a director personally culpable for what happened in the banks prior to September 2008, but because it happened on their watch I think they should have moved on and I am glad that they are moving on now and new people have to be appointed."

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