Cowen cover-up is not on – we must have an inquiry into the banks

THE resistance to a formal inquiry into the collapse of our banking system needs to be confronted head on. Taxpayers are mortgaging their children’s future to preserve Irish financial institutions.

The core reason for this rescue is not because of the individual entities, but rather the “systemic” importance of the sector. It can’t just be systemic when it comes to a bailout and not systemic when it comes to accountability.

The level of public investment to save the banks is unprecedented. The original estimates for NAMA are €54bn. The bank recapitalisation to date has been €11bn. A consensus figure of €15bn will be required for further recapitalisation for Anglo, AIB, BoI and the third force of EBS, INBS and PTSB. There is no guarantee that the final tally will not exceed this total of €80bn. This figure exceeds our current national debt and represents approximately half our current national income. The enormity of this finance brings the obligation of the most searching investigation. The combined subject matter of all previous tribunals seem minor by way of monetary comparison.