Thursday 18 January 2018

Change in the banking culture is long overdue

Finance Minister Paschal Donohoe. Photo: True Media
Finance Minister Paschal Donohoe. Photo: True Media


King Canute had an easy time of it in his beating back of the waves compared with the progress made by successive finance ministers in dealing with our banks.

Their litany of failures runs from the egregious to the catastrophic, and yet very little has changed in the consumer interest. All of this begs the question: so what did we get for their €60bn bailout? A slap in the face is what it feels like. For they brazenly went on to hold on to hundreds of millions that did not belong to them in compensation and repayments in the tracker scandal, and until now nothing was done about it.

After all the promises of reform and professions of remorse, Fianna Fáil's finance spokesman Michael McGrath said yesterday he did not have confidence that the current investigation into the mortgage controversy will bring about change.

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