Bank inquiry must scrutinise the tangled web that crashed the economy – Tóibín
Speaking today as the banking inquiry progresses, Sinn Féin TD Peadar Tóibín has said that as the banking inquiry steps up a gear, it must look to examine the tangled web of power, banks, and vested interests which crashed the economy and has been left unchecked in recovery.
Deputy Tóibín said:
“Now that the bank inquiry is in its nexus phase, we can start to get at the heart of the matter. The story behind the Irish bank crisis is one of power. It is about the nature of political and economic influence in the South, those who wield it and those who do not.
“During the crisis, that power had to reveal itself in order to protect itself from the cost of the crisis. Today at the bank inquiry, it was heard from NAMA that just 29 borrowers held debts of €34 billion. That small and powerful nexus sought to shirk from the consequences and shift the cost of the crisis onto the shoulders of the Irish citizens and we have been paying for ever since.
“These debts were held across the banking system - a system that involved not only the banks of course but also included the oversight of the regulator, the central bank and the Department of Finance. It is within these relationships that power operates, and out of them came the guarantee.
“The terms of reference of the bank inquiry state that it must look into the relationships between State authorities, political parties, elected representatives, supervisory authorities, banking institutions and the property sector, and it is the intention of Sinn Féin and our deputy on the committee, Pearse Doherty, to work to ensure that this happens.”