Learning the lessons - Work on new laws must be accelerated

IRISH Nationwide chief executive Michael Fingleton bowed to the inevitable yesterday and announced that he will, after considerable pressure from Finance Minister Brian Lenihan, retire at the end of the month.

Though Mr Lenihan is entitled to feel a degree of satisfaction, especially after he refused to capitulate in the face of earlier defiance by the board of Irish Life & Permanent, he may still look with envy at the powers brought to bear by American authorities yesterday.

Though these powers were used to combat criminality our system would be enhanced if it had the capacity to confront such criminality should it arise.