Banking inquiry: Toothless regulators

THERE was little enough unexpected in the evidence given by former financial regulator Patrick Neary to the Banking Inquiry yesterday. 

It did however underline one cultural issue. Mr Neary, like everyone else, was dependent on the bodies he was responsible for regulating — the wretched banks — for the information he needed to do his job properly.

In hindsight, that great leveller, that relationship was dependent on a degree of trust that was misplaced.