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There must be an establishment reckoning with Irish banking culture - Pearse Doherty TD

24 July, 2018 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said that today’s report published by the Central Bank, examining the culture of banks in Ireland, is merely the ‘tip of the iceberg’.

Teachta Doherty said:

“The Central Bank’s report states that there is a distance left to travel for Irish banks in reforming a culture which brought our economy to its knees a decade ago, and which continues to place profitability above citizen welfare.

“However, for the Central Bank, the government, and the state’s banking class, this is the tip of the iceberg. If we are to reign in the unaccountable and often destructive practices of Irish banks, there must be a reckoning.

“There is little in the Central Bank’s recommendations which haven’t already been proposed, or which meaningfully impact on the legacy of scandals which have mired Irish banks since their crash in 2008.

“Token accountability for senior managers won’t return the €500m effectively stolen from Irish citizens as a result of the banks’ tracker mortgage scandal.

“For ten years successive Fianna Fáil and Fine Gael led governments have failed to make lying to the Central Bank a crime. Worse still, the reckless lending which triggered the crash has yet to be outlawed by the same parties.

“We need to see meaningful and urgent change to the toxic culture of Irish banks, which have a role to play in our economy, but cannot be allowed to be a law unto themselves.”

“This is a serious problem for the Irish establishment, and it’s time for a reckoning. This means robust legislation, real accountability, and the embedding of a culture which places integrity, accountability, and the common good above all else.”

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