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Editorial: It's time to hear truth about banks

SHOULD we be surprised at revelations that the bailed out banks lied about the scale of their losses in crucial talks with the Government?

The top civil servant in the Department of Finance told the Public Accounts Committee that the banks "were likely to have been dishonest" in their dealings with the Government in the run up to the taxpayer picking up the tab for the €440bn state guarantee scheme.

Kevin Cardiff attempted to qualify his remarks by saying he was not going to say who he thought was lying, but they may have been lying to themselves.

However, each new revelation about how this country got itself into such a mangled financial mess will infuriate the taxpayer.

We can all appreciate the sense of crisis and urgency which led the Government to underwrite the losses of banks like Anglo Irish.

That does not mean we should stop asking questions to ensure such a debacle never happens again.


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