Monday 24 October 2016

Tougher banking laws


Tough new laws are needed to punish reckless bankers, Central Bank governor Patrick Honohan (isnet) has said.

At a speech in Paris the Central Bank chief admitted no bankers have been jailed for their role in the Irish financial collapse and called for UK-style laws to criminalise recklessness. He suggested the bulk of blame for the crisis should be put on the banks, not the regulator, although he said there were "supervisory flaws".

It came as new figures from the European Central Bank (ECB) confirmed Ireland's bank bailout was by far the most expensive in Europe. In the main, the behaviour of bankers here in the run-up to the crash was "unwise rather than criminal", Mr Honohan said.

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