Regulated by central bank

Eight months after a report on Custom House Capital’s Ponzi-type scheme — in which many lost their life savings — those responsible have not been brought to justice, says Michael Clifford

One day recently, Ingrid Baugh heard 17 adverts on the radio for various financial institutions. Each one of the advertising slots ended with the sober phrase “is regulated by the Central Bank of Ireland”.

The line brought a wry smile to Baugh’s face. At this stage, she is forced to observe irony, because to contemplate reality has become too painful. The experience she and her family have endured at the hands of one financial institution has informed her about the things that some people are capable of. What really exercises her today, though, is the incompetence in policing a sector that has been at the heart of the destruction of the economy.