The public's right to know
Published 06/01/2010 | 08:18
POLITICIANS are not always in a rush to champion the public's 'right to know', but there is a rising tide of opinion, within and without the ranks of government, that there must be an inquiry into what went wrong with the banking system.
Calls for a proper inquiry, with teeth and a timescale, have also come from independent observers, such as economist Colm McCarthy and the governor of the Central Bank, Patrick Honohan. No doubt there are very good reasons for the apparent slow progress of current investigations into the role of Anglo Irish Bank, but it must strengthen the case for a thorough public inquiry into the collapse of the entire sector.
The state of Anglo Irish Bank is symptomatic of the difficulties faced by the Government as it tries to repair the banking sector. With a massive hole in its balance sheet, it may be that Anglo Irish may, at some stage, have to be wound down or merged. In the meantime, the Government has to protect some €64bn of customer and interbank deposits