Wednesday 7 December 2016

Make banking local again

Published 06/02/2011 | 05:00

Sir -- Whether Brian Lenihan appoints the candidates recommended by Shane Ross (Sunday Independent, January 30) or the usual political cronies, it will make little real difference to the way banking is conducted in Ireland.

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To clean the Augean stables of Irish banking will require more than a change of key personnel at the top. What is really needed is a FD Roosevelt style 'new deal' which sees a radical shake up of the system.

For some time I have proposed that the major banks be nationalised, fused together, broken up into smaller regional units and that retail and investment banking be separated. AIB and four other financial institutions are now 'nationalised' and Bank of Ireland is likely to follow at the end of the month unless it can raise additional working capital.

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