Eamon Gilmore (Dún Laoghaire, Labour)

On the subject of the legislation the Minister for Finance has been promising for some time, in an interview with the Financial Times on 17 March, he said that Ireland is planning to introduce tough legislation to clamp down on crony capitalism and excess bank lending in the wake of the property bubble. He said the measures would include a ban on cross-directorships and on chief executives becoming chairmen, as well as creating a Central Bank commission. Eight months later there is no sign of the legislation.

Not only that, the Government appears to have changed its mind on the measure because this week it has approved the chairman and chief executive being the function of one person in one of our largest banks. What has happened to this legislation that was going to put an end to crony capitalism? Is cronyism alive and well again both in Government and for its associates in the business world?

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