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NIB heads must roll - Regulatory framework must be re-examined

30 July, 2004


Responding to the publication of the Report on Investigations into the Affairs of National Irish Bank, Sinn Féin TD, Aengus Ó Snodaigh said the report represented a massive indictment of NIB and of the whole banking culture in the state. He went on to call for a Whistleblowers Charter and for a complete re-examination of the regulatory framework established for financial institutions in recent years.

Deputy Ó Snodaigh, "Heads must roll. There can be no slap on the wrist in this instance. NIB and many of its senior executives and management have been exposed as cheats and robbers. They must be punished accordingly.

"Today's report is a massive indictment of the National Irish Bank and indeed of the whole banking culture which has prevailed for many years in this State. It is also an indictment of successive Governments and the Central Bank who failed to regulate the sector. On the contrary they rewarded the banks hugely as beneficiaries of this State's low Corporation Tax rate.

"What this report clearly shows is the need for a complete re-examination of the regulatory framework established in recent years. Clearly there are lessons to be learned and our regulatory system must be improved.

"This report also highlights the need for a Whistleblowers Charter to protect employees of financial institutions who reveal the rip-off of customers. Indeed Sinn Féin would argue that bank customers and bank staff should have representation on the boards of banks as a means of limiting the opportunities of senior executives from engaging in this type of illegal activity." ENDS

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