Friday 24 November 2017

Apply Criminal Justice Act to inquiries into bank trickery

THE Irish Independent (June 3) has a number of articles about investigations into the banks and each seems to indicate that the maximum anyone could be fined for a breach of banking law would be a derisory €1,297.

I hope that the other investigative and prosecutorial organs of the State are not only relying on banking law. I presume they are fully aware of Section 6(1) of the Criminal Justice (Theft and Fraud Offences) Act 2001, which provides that "a person who dishonestly, with the intention of making a gain for himself or herself or another, or of causing loss to another, by any deception induces another to do or refrain from doing an act is guilty of an offence".

Translate this to a bank in a manner to which we can all relate and it could read as follows: "A person who dishonestly, with the intention of making a gain for the bank or its bondholder, or of causing loss to the State, by any deception induces the State to give a guarantee is guilty of an offence."

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