Lenihan: Banking reports to spark action

THE Government should be able to take some steps on foot of the two reports into the banking crisis that has cost taxpayers more than €72 billion to date, Finance Minister Brian Lenihan has indicated.

The reports, from Central Bank governor Patrick Honohan, into the role of the Central Bank and financial regulator, and an overview from former IMF officials Klaus Regling and Max Watson, will be used as the basis of a banking inquiry.

Mr Lenihan, ahead of presenting them to government today, refused to divulge any details of the documents. “The reports are important because there will clearly be economic lessons. There will be conclusions from this report – not everything in these reports will lead on to another enquiry.”