Oireachtas Joint and Select Committees

Wednesday, 21 January 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In Mr. Regling's report in terms of holding a lot of people and organisations responsible, one could say that nobody is really being held responsible for the crisis. The question that many people will want answered is why no one in authority, whether it be within the banks, the regulator, the Central Bank, the Department of Finance, the Government or the external bodies, shouted "Stop" when this problem was building up and it was clear that a crisis could potentially develop, that risks were being developed in the Irish economy? That is the question many people would want to have answered. Mr. Regling met with many of the key people involved. Why did nobody see it coming? Why did nobody shout "Stop" in the years leading up to 2008?

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