Inquiry on 2008 economic collapse a farc

The Government has learned little if it goes ahead with a farcical bank inquiry on the 2008 economic collapse. It happened because of State leaders and the offences committed by the banks.

Similar to the tribunals, a State inquiry would cost the innocent taxpayer millions, create a media and legal-eagle festival and, regardless of outcome, there would be no call to justice.

Everybody was out to make a fast buck from the property bonanza. The banks kept lending like there was no tomorrow, in the end not even pressing for security on a loan of €300,000 for a house.

Worse still, the banking executives were allegedly ignoring stringent rules in exceeding lending limits and also committing an offence by borrowing massive sums for personal use.

These are serious breaches of trust that wouldn’t be treated lightly in any commercial outfit.

Rather than a full enquiry, the Government could allay many suspicions by simply analysing the annual, audited accounts of all banks in the last four years of the Celtic Tiger. Assuming they are authentic, the ingredients could be there for a financial thriller.

James Gleeson

Thurles

Co Tipperary