New Governor must show a firm hand with the banks – Doherty
Sinn Féin Finance Spokesperson Pearse Doherty has congratulated Professor Philip Lane on his appointment as the new Governor of the Central Bank. Deputy Doherty said he hopes the new Governor shows a firm hand when dealing with the banks saying:
“I congratulate Professor Lane wish him all the best. I would like to thank outgoing Governor Patrick Honohan for all his work and time at the Central Bank.
“While many of the major monetary decisions no longer rest with our own Central Bank there is still a huge responsibility that comes with the post as Governor of the Central Bank. I hope the new Governor shows a firm hand when dealing with the banks. Their attitude to those in mortgage arrears and on interest rates to name just two examples has been appalling and has been tolerated by the Central Bank up to now.
“The major area of responsibility still in the power of our domestic banks is regulation and this is an area where improvement can be made. The ongoing tracker investigation should be prioritised and the cost of regulation should be moved onto the industry and off the State’s balance sheet. I look forward to working with the Governor on these major issues through the Finance Committee
“This State is still reeling from the damage caused by the banking crash and any attempt to portray a back to normal attitude must be resisted. There have been worrying indications that the banks have not learned the lessons and are preparing for a return to the bad practices of the past. That cannot be allowed to happen. I look forward to engaging with the Governor on his plans in this regard. The citizens cannot be expected to pay for the banks’ recklessness again.
“The Central Bank has a key role in regulating and policing other financial institutions like the insurance and moneylending sectors. These sectors require regulation and strict monitoring. Likewise I would hope the new Governor is prepared to listen to and develop a strong working relationship with the Credit Union movement.”