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Financial Regulator needs to acknowledge its mistakes

21 July, 2009

Sinn Féin Finance Spokesperson Arthur Morgan has welcomed the announcement by the Financial Regulator on the publishing of its Annual Report today that the body now takes a more intrusive and intensive hands-on approach to its work. However the Louth TD warned that the Chairman of the Financial Regulators statement that the task of regulation in Ireland was hindered by the global financial crisis suggests that not all the necessary lessons have been learnt.

Deputy Morgan said:

“The global financial crisis exposed the deficiencies of the Financial Regulators office, it did not create them. The fall out from its practices, powers and regulatory regime will be felt for years to come. Generations are now saddled with unprecedented debt and thousands of SMEs unable to access credit will have what should have been a sustainable future cut short, and Ireland’s international reputation will be coloured by sleeveenism. Of course the buck stops with government but the Financial Regulator is also responsible for Ireland's banking crisis. Improved practices are welcome but if the Regulator is to fully learn from its massive mistakes it must first acknowledge that it is partially responsible for a great disservice to the Irish people. That is the only basis upon which it can truly go forward.” ENDS

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