Wednesday 26 October 2016

Time for real answers into financial collapse

Published 11/07/2015 | 02:30

Former building society boss Michael Fingleton
Former building society boss Michael Fingleton

It's said that the truth will set you free - but only when it has finished with you. It seems it is far from finished when it comes to ascertaining what brought the pillars of our financial institutions crashing down.

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One wonders have we been cursed to be forever in the throes of inquiries and investigations.

We have examined, probed and prodded every aspect of the crash but meaningful answers are still some way off.

So it is to be greatly hoped that the hearings announced by the Central Bank into the collapse of Irish Nationwide Building Society (INBS) at a cost €5.4bn will be successful.

Some may be surprised that it has taken five years to convene such hearings. The Central Bank announced it wants to examine suspected regulatory breaches at INBS before it was bailed out and nationalised five years ago.

The public desperately awaits answers. Key players are finally to be asked for explanations.

The stakes are high, with fines of up to €1m being imposed if wrongdoing is established.

Hearts and minds should be concentrated and we look forward to the straight talking.

Irish Independent

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