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Immediate audit needed of all banks covered by government guarantee

19 December, 2008

Responding to the resignation of Anglo Irish Bank Chief Seán Fitzpatrick on foot of revelations that he hid  €87 million in loans from shareholders Sinn Féin Finance Spokesperson Arthur Morgan has described today’s revelation as “further evidence of the depth of cultural dishonesty in the banking sector.”


The Louth TD said:


“This mornings revaluation puts into question the governments guarantee scheme cover for Anglo Irish Bank. There is a deep cultural dishonesty at the heart of the banking sector that originates from unaccountable senior management who have engaged in appalling practices.


“The government must through the Department of Finance immediately send in auditors to all banks covered by the guarantee scheme. It is imperative that the government understands the degree of debt in the banks the state has underwritten. Knowing the full extent of your liability is an ABC of financial management. Bank executives and senior management must be held to account.


“It is also time that the Financial Regulator tendered his resignation. He has failed spectacularly in his position exampling incompetency at every turn. I have today contacted the Chair of the Oireachtas Joint Committee on Finance to demand an urgent meeting of the committee during which the Financial Regulator must be brought in and held to account.


“I note with interest that this story has broken today just as the Dáil has ended its business for the Christmas period. The necessary public debate on this scandal has now been stifled. No one benefits from such a cynical approach.” ENDS


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