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Bank Chief Executives and board members must be the next to go

10 January, 2009


Responding to the announcement of the Financial Regulators retirement Sinn Féin’s Finance Spokesperson Arthur Morgan TD has reacted angrily to the government refusal to fire Pat Neary for presiding over the blackest period in Ireland’s banking history

Deputy Morgan said:

“Pat Neary has presided over the blackest period in Ireland’s banking history. He has failed in his role of financial regulator. It is shocking that he has been allowed to remain in his position until this point. That he can walk away under the guise of retirement without having to take responsibility for his failure to the people of this state who are the ones ultimately who will pay a heavy price is outrageous.

“The Financial Regulator should have been fired by the government months ago when it first became evident that he had failed spectacularly in his role. The Taoiseach and Finance Ministers refusal to take such action is just another example of the government’s lame duck approach to the current economic challenge’s and banking crisis.

“Let it not be forgotten that it is successive Fianna Fáil led governments who have failed to put in place the legislative framework necessary to hold the banking sector to account and monitor their activities.

“It is also time that senior people in the banking sector to take the Financial Regulator’s lead.  In the absence of a government with a backbone we need to see Chief Executives and board members of the main banks and indeed the Central Bank take a lead from Pat Neary and step down from their positions. They have thwarted the banking sector in this state to such an extent that future generations will continue to pay the price.

“It is possible to get the economy right.  It possible to fix all that is wrong in the banking sector. We have a highly educated workforce. We have confident, skilled people out there. There is huge potential to develop an all-Ireland economy. What is lacking is an absence of leadership, a commitment to deliver a fair deal for working families and an inability to tackle job retention and creation.

“With every bad news story for the economy that hits the headlines public anger is rightfully mounting.  It is time the government stepped up to the plate and resumed the Dáil so the government and opposition can get on with the business of the day.” 

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