Belfast Telegraph

Saturday 26 July 2014

Probe call over handling of banks

There have been calls for an inquiry into how the government handled the banking crisis

The Government should consider investigating how ministers and senior civil servants handled the banking collapse, it has been claimed.

Politicians examining state response to the 2008 meltdown said Ireland could learn a lot from the way Icelandic authorities looked into the crippling financial collapse.

The Dail Public Accounts Committee (PAC) said there were striking similarities between the turmoil in the two nations.

Bernard Allen, PAC chairman, said Icelandic authorities had been determined to get to the root cause of the crisis.

"I believe that our own pending commission of inquiry should consider the template used in Iceland," he said.

"Our commission of investigation does not seem to include management by Government Ministers and State officials into the collapse in its terms of reference.

"Based on what we saw in Iceland this is something which may be worth exploring."

Mr Allen added: "There seems to be a determination to address the issues that caused the collapse including the issue of personal culpability on part of those who contributed to the predicament."

Iceland's state inquiry into the banking collapse issued a damning verdict of corruption and regulatory negligence.

It named and shamed senior figures for mistakes including David Oddsson, chairman of Iceland's central bank at the time of the crash, and former prime minister Geir Haarde.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Latest News

Latest Sport

Latest Showbiz