Punishing the banks

ONCE again the Irish Financial Services Regulatory Authority (IFSRA) has swooped mercilessly on an errant bank.

Not only has this heroic defender of the consumer extracted an apology from Bank of Ireland, as it did from NIB and AIB when their multi-million euro scams were uncovered, it has also published an advisory leaflet for consumers.

Such resolute reaction must be a shining example to financial regulatory bodies all over the world which are still using the old methods of police investigation, courts, massive fines and jail.