Colm McCarthy calls for Dail Committee Inquiry into Banks

Colm “Snip” McCarthy has called for a Dail Committee inquiry into the behaviour of banks and bank regulation that has brought us to this terrible situation.
McCarthy suggest this is advisable so people can appreciate the scale of the problem and the scale of the required solutions (i.e., that it won’t be fixed by cutting the pay of all politicians) and how it came to pass.

McCarthy sees this as an important step to inform the public of what has really gone on, to put the debate of the fiscal measures to be taken in the correct context and to gain the public’s consent to such measures. The benefit might be industrial unrest, greater cohesion in the efforts of all parties and a sense of mission to drive us on.

Personally, I see this as being crucial for a number of reasons:

  1. The sins of the banking classes need to be subjected to public opprobrium and condemnation to promote proper behaviour in the future;
  2. If Democracy is government by discussion then it is critical to the validity and legitimacy of our democracy that the facts be illuminated;
  3. Apart from democratic principles, it is critical to our finding the right solutions that people be given the full facts.

As Lloyd George told Chamberlain, when a nation is facing a crisis with an uncertain outcome the first and most important step is to be open with the people and to give them all the facts - telling the truth of how we got to where we are is an important part of that initial process. Otherwise, one cannot be sure that one will get the level of co-operation and support that is required.


Witches don’t exist; incompetent and reckless Bankers do exist.

Emperor McCarthy says:

"…I would like to suggest that public acceptance of the need for severe fiscal action is inhibited by the perception that failures in the banking system have gone uninvestigated. It would help if, separately from any review of regulatory and supervisory failures, one of the Oireachtas committees initiated an inquiry into what went wrong at board and management level in the Irish banks. This could be the Finance Committee, the Public Accounts Committee or an ad hoc single issue group.

The necessity for tough fiscal measures will not be reduced one iota by the deliberations of an Oireachtas committee, but public acceptance of the need for such action requires patient explanation, not just of the extent of the public finance crisis, but also of the failures in the banking system which have exacerbated it so greatly.

The inquiry should try to get to the bottom of bank decision-making in areas such as the pace of balance-sheet expansion, the sectoral concentration of credit risk and the build-up of roll-over risk incurred through growing dependence on short-term inter-bank borrowing. The apparent relaxation of credit standards stretching back over the last decade is also a key issue, as is the question of remuneration practices and any influence they may have had on management attitudes to risk-taking.

Such an investigation would need to have the power to question bank executives and board members and to bring into the open the full story of the extraordinary mismanagement over which they presided. Clearly it would have to be established in a manner which would mean it was not endlessly bogged down by legal challenges.

There are other issues, too, in the future of our banking system. It is inevitable that we will see a new international regulatory and supervisory regime for banks. In Ireland, the government, through its ownership and part-ownership of banks and its socialisation of their liabilities, must call the shots in the creation of a new industrial structure for the country’s commercial banking system…"

Something a la the DIRT inquiry ? Another tribunal wouldn’t wash, it’d be 10 years, 100 million euro, and no blame apportioned.

It sounds like the agenda here is to put the blame on the private sector, allowing the public sector to escape blame. Precisely what happened with the DIRT affair, in other words.

Why doesnt he ask for an inquiry into the recent spate of ATM robberies.
Get the oireactas to investigate what type of digger was used ?

Oh I forgot sorry its a criminal investigation if you use manual effort or a fuck off JCB… but if you fuck the country over with a pen or a keystroke , you wear a tie, and speak in posh accent we have to have an inquiry that will take 5-10 years, have no prosecution capability etc etc…
FUCK YOU McCarthy your another one of them cunts ruining/ruined this country. .

Maybe you should read the article before you comment??

McCarthy is not defendingthe public service. More snippets frm the article:

“There have been substantial failures in the management, regulation and supervision of the Irish banks…”

“It is clear that, in Ireland as elsewhere, there have been failures of bank regulation and supervision, and Michael Casey, a former senior official of the Central Bank, called last Tuesday in an Irish Times article for public release of the documents relating to supervision of Anglo Irish and other banks.”

“The public, now on the hook for amounts ranging from about €20 billion, according to Davy Stockbrokers, up to more than €30 billion, according to the IMF, are entitled to know, according to Casey.”

You’re wasting your time dude, but I hear you. Preach!