Who would buy into our deeply flawed banks?

THERE is much derisory comment and punch about the reputation, probity and transparency of Ireland’s financial institutions and the inordinate levels of remuneration of those who lead them and those who are forced abruptly to retire from them.

If I was the chief investment officer of a significant fund I would never invest in a company where a transaction involving billions of euro could take place without the direct and conscious sanction, in advance, of the board of directors.

Their ignorance of such a transaction would reflect a grave and fundamental lacuna in corporate governance standards.