Anglo fallout sparked banking announcement

It was no accident that the banking inquiry — already well behind schedule and six years on from the banking collapse — was announced by Government yesterday with such haste.

The coalition parties risked getting caught in the crossfire of public anger that erupted after Anglo bankers escaped jail and the former financial regulator — despite damning criticism for his role — was off the hook with a €120,000 a year pension.

The blame was firmly focused, not just on the convicted yet free bank executives themselves, but on the political system that allowed this happen and therefore the establishment parties.