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Readers Blog: Central Bank forgiving of regulatory failures

While surfing through the Central Bank of Ireland’s website, I found it highly surprising that our competent authority for regulation appears to have a pretty soft view of banks failing in their regulatory obligations.

What is also a bit of a shock, is that none of the auditors who are supposed to ‘audit’ these banks have not been brought to task.

Furthermore, the Central Bank appears to be very forgiving. Indeed, it seems standard protocol for the Central Bank to give up to 30% of a discount off their fines to the banks for their own failures.

This begs the question — who pays these fines? Is it the institution, or is it by default, the taxpayer?

The other thing I don’t understand is if we have had bankers convicted in the courts (and I msay that loosely) — what about the auditors? What’s happening to them? If bankers havem been convicted of crimes then why hasn’t there been auditor convictions?

If I had done even half of what these people have done, I would have been thrown to the mwolves. There is no mistake about that.

It is unfortunate it appears that no lessons have been learned, while the establishment continues in theirm pretence that all is OK on the island of Ireland, when it is painfully, clearly not.

And this brings us back to the age-old question — who is guarding the guards, because the Central Bank doesn’t appear to be doing it?

Cáit Ó Beirne Tubbercurry

Co Sligo


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