Banking Inquiry report a missed opportunity

Issued : 27 January 2016

Finance workers union, the IBOA, has expressed disappointment that the Republic’s Banking Inquiry has not taken the opportunity to make more comprehensive recommendations for the future governance and oversight of the banking sector.

In a preliminary reaction to the 460-page report, Union General Secretary, Larry Broderick, said:

“Whatever legal or other constraints may have been on the committee in terms of its findings about the past, there should have been no obstacles in terms of its recommendations for the future.

“While we have yet to analyse the report in detail, it would seem from our preliminary review of the report that the recommendations emerging from the members of the inquiry are unlikely in themselves to prevent a recurrence of a banking crisis at some future date.

“It seems that the heavy lifting in terms of oversight and governance has been effectively outsourced to the European Central Bank,” he added.

The Union will study the report in detail over the coming days before delivering a comprehensive assessment on the inquiry findings.