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Minister Ryan must produce detail of plans to replace top bankers - Morgan

24 December, 2008


Sinn Féin Finance Spokesperson Arthur Morgan TD, responding to comments from Green Party Minister Eamon Ryan on the replacement of personnel at the top of Irish banks in the New Year, said we have heard empty noises on this issue before from the Green Party and called for more detail from the Government.

Speaking today Deputy Morgan said, "There must be accountability for the crisis in our financial services. This must include the removal the board members of the banks to be included in the recapitalisation plan and the sacking of the financial regulator who has overseen the bad practices that have led to the current situation. All of this must be accompanied by a complete overhaul of these practices and lending policies as well the restoration of public trust in the banking system.

"However, when the Government announced its recapitalisation plan there was no mention of accountability and the removal of personnel from the boards of Irish banks. In fact this issue was most noticeable by its absence from the Government announcement.

"Now Eamon Ryan has hinted that there will be some change in personnel in the new year but we have heard empty noises from the Green Party on this issue before. What we need to see now is action. We need to see the detail of what Minister Ryan is talking about. Who will be held accountable? And how many board members will be replaced? Is the Government finally going to deal with the financial regulator? And why are we only hearing this today?

"This must not be a case of the Green Party negotiating a sacrificial lamb in order to keep good relations between Government parties and save some face for the Greens. This is bigger than that. There must be proper accountability for the mess we find ourselves in in order to ensure that we never find ourselves in this position again." ENDS

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