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Former Finance Director of Anglo Irish Bank, Willie McAteer leaving the Dublin Circuit Criminal Court Sam Boal/Photocall Ireland

Banking inquiry "imminent" in wake of Anglo trial, says Howlin

The Minister also said that there are “unanswered questions” from court proceedings that need to be answered.

A BANKING INQUIRY is “imminent” now that the Anglo trial has concluded.

Yesterday saw Pat Whelan and Willie McAteer being told they would be assessed for community service after they were convicted of providing illegal loans totalling €450m to the ‘Maple 10′.

The pair won’t be spending time in prison. Former Anglo CEO Seán Fitzpatrick – chairman of the bank during the ‘Maple 10′ plan era – was previously found not guilty of all the charges against him in relation to the loans.

Banking inquiry

Today, Minister Brendan Howlin said that now that the Anglo trial has concluded, it paves the way for the banking inquiry to begin.

He said that he takes “very strong note of what the judge said” during the Anglo trial.

“I think now the inquiry is imminent,” said Howlin.

The legal framework was enacted some time ago and the the guidelines have been accepted by the Dáil and Seanad by formal vote, he pointed out.

“After yesterday’s inquiry in court, the role of oversight of the banking system and the decisions that were made will form a very significant part of that inquiry, I would imagine,” said Howlin. “But that will be a matter for the Oireachtas itself.”

He said that “obviously people were mindful of the court proceedings” and that a “huge amount” of background work has been undertaken by the Oireachtas itself on the issue.

Howlin noted that “there is a compelling demand from the public to know what happened” and that there are “a lot of unanswered questions from court proceedings that should be answered by those directly responsible”.

Of course not all persons are available in the state, but those that are should be called to give clear, transparent and public evidence.

When asked if he was “disgusted” by the fact the two guilty Anglo executives were not jailed, he said: “No, I think the courts do their job, the jury proved to be a very effective mechanism.”

Howlin said he thinks the discernment of the jury “is a credit to the jury system” and that the full commentary of the judge had to be read.

Dr Donal Donovan, former deputy director of the IMF, said on Morning Ireland that he can “understand why [the judge] handed down the sentence” to the Anglo executives.

“I can understand why people are very unhappy that somehow banks have gotten away with this,” he said.

He added: “I think this approach of not doing anything, not being proactive, not looking into problems lies at the heart of the financial debacle in Ireland.”

- Additional reporting Hugh O’Connell

Read: No jail time for convicted Anglo pair, judge says prison sentences would be ‘incredibly unjust’>

Read: Here’s what the judge in the Anglo trial had to say about the Financial Regulator>

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76 Comments
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    Mute Palidine
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    Apr 30th 2014, 9:21 AM

    Any inquiry into the banking fiasco will be as farcical as the trial and the government.

    198
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    Mute jason bourne
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    Apr 30th 2014, 10:35 AM

    There is no way I want a banking inquiry. What for? A load of legal eagles to rub their hands with glee at the prospect of a long drawn out debacle where the end result, after 5 years and 30 million euro of taxpayers money, will be the regulator didn’t regulate and bankers were greedy. And of course the standard recommendation that this shouldn’t happen again. No thanks. It’s another trough for the pigs to feed at while laughing at us mugs who pay for it.

    117
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    Mute Kate Ellen Egan
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    Apr 30th 2014, 11:07 AM

    Will be a whitewash , there is no way the Fianna Fáil cabinet at the time or the Regulator will have to part with a penny of their millions in restitution so what’s the point ?

    45
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    Mute Ignoreland
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    Apr 30th 2014, 11:17 AM

    Jason, it’s a parliamentary inquiry not a tribunal precisely because of your concerns that a tribunal would drag on for years and cost millions due to legal costs.

    3
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    Mute Oliver Moran
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    Apr 30th 2014, 12:51 PM

    A parliamentary inquiry (which is what we will be getting) is no good either.

    As yesterday’s judgement pointed out, the blame lies at the political/regulatory level. A parliamentary inquiry will have politicians investigating politicians. And civil servants hiding behind curtains.

    An independent inquiry is what’s needed. We’ve already had one, the Nyberg report, which still makes for fresh reading three years later:

    “As has been seen in Ireland and other countries, central bankers and regulators embraced much the same
    paradigm as the market participants and adapted their policies to their convictions. The result, as shown by the crisis itself, was that no effective brake on risk-taking existed for years.”

    http://www.bankinginquiry.gov.ie/Documents/Misjuding%20Risk%20-%20Causes%20of%20the%20Systemic%20Banking%20Crisis%20in%20Ireland.pdf

    11
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    Mute Patrick Blood
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    Apr 30th 2014, 1:01 PM

    “A purpose of graceful fluidity, such that moves with tactful elegance throughout”………

    … Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions — everything, now restrains itself and anxiously hopes for just two things:

    http://en.wikipedia.org/wiki/Bread_and_circuses

    No Banking Inquiry – for me please!

    4
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    Mute Rossa Crowe
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    Apr 30th 2014, 1:27 PM

    Choo-choo!!!

    2
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    Mute Dave Hammond
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    Apr 30th 2014, 3:06 PM

    Labour to take a lashing in local elections “imminent”

    4
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    Mute George Grey
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    Apr 30th 2014, 9:18 AM

    The jury found them guilty……The judge found mercy. The state continues to rot.

    184
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    Mute Jonny Rigley
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    Apr 30th 2014, 10:02 AM

    What the utter f*ck is wrong with this country..

    Unpaid TV licence.. Afternoon / few days in prison
    Illegally importing garlic.. 6 years
    Bankrupt entire country and sacrifice generations to debt.. Community service.

    In this country your better off rich and guilty than poor and innocent.

    157
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    Mute Emmet Walsh
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    Apr 30th 2014, 12:21 PM

    Well put Jonny. Sickening but unfortunately not surprising.

    19
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    Mute Kev
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    Apr 30th 2014, 9:18 AM

    Why waste more millions just to feed the glutinous legal profession more. We already know what happened. We all know who is to blame. Save taxpayers money and move on.

    148
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    Mute Ignoreland
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    Apr 30th 2014, 11:22 AM

    It’s a parliamentary inquiry NOT a tribunal. Cost will be approx, €3million for a year and a half rather than the Mahon Tribunal which cost approx €250-300million and ran for 15 years. The processes are completely different. Figures can be found here:
    http://www.bbc.co.uk/news/uk-northern-ireland-17381675
    http://www.irishexaminer.com/ireland/banking-inquiry-could-cost-3m-251289.html

    6
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    Mute Brian O'Faolain
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    Apr 30th 2014, 9:09 AM

    Ah sure its only been six years since the meltdown, why so soon?

    126
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    Mute Jill Jones
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    Apr 30th 2014, 9:17 AM

    The impending election me thinks.

    92
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    Mute Ciarraioch
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    Apr 30th 2014, 9:25 AM

    More money for “The Wigs” – yet another inquiry , while the Central Bank Governor of the period concerned, sits on a huge payoff and pension , which our Grandchildren will still be paying the consequence of his “memory lapses” , in thirty years time !
    Bring on 23rd of May , when we can give these incompetent “Leaders” of our sad Country , at least a bloody nose .
    I need a holiday , in Cork Prison – so I have decided not to pay my TV License this year ! I’m told that ordinary Plebs , go to jail for a couple of weeks “break”, for such major “crimes” !

    82
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    Mute Ignoreland
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    Apr 30th 2014, 11:24 AM

    Wrong, Jill. The Banking Inquiry has been delayed until after the election precisely because of concerns that it would influence the local election and European elections: http://www.thejournal.ie/banking-inquiry-committee-members-bias-1277956-Jan2014/

    5
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    Mute Norman Hunter
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    Apr 30th 2014, 11:57 AM

    Jill too important to hold before the locals, but should be at the preliminary reporting stage in time for the GE, or at least FG/Lab are hoping.

    4
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    Mute Paul Flynn
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    Apr 30th 2014, 9:11 AM

    Jaysus, id say the bankers are sh*tting themselves, they might be found guilty and then be found incapable of doing community service due to health reasons.

    122
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    Mute The Doctor
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    Apr 30th 2014, 10:04 AM

    Yeah, corruption all over this one.

    47
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    Mute Red Ed
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    Apr 30th 2014, 9:21 AM

    Think I’ll go into the bank and take €450 million sure it’s worth a bit of community service. Baxterds! I wonder when the judge is getting promoted

    106
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    Mute Emmet Walsh
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    Apr 30th 2014, 6:09 PM

    Can he get promoted?!

    1
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    Mute Tracey Nally
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    Apr 30th 2014, 9:44 AM

    The financial regulator did not even know what a cfd was. He had to get a briefing note on it. To put it bluntly, stop putting people in jobs they’re not qualified for. I include the politicians on that one.

    100
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    Mute Silent Majority
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    Apr 30th 2014, 10:03 AM

    Is that true Tracey? Good lord, I’m not sure which is worse really, that he didn’t know what they were or that he was so unashamed of his ignorance that he got briefed instead of researched privately & acted knowledgable. As a college student I wouldn’t have admitted I didn’t understand commonly traded derivatives, I would have hoped our financial regulator could compete with a fresher Econ student, but alas.

    37
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    Mute Tracey Nally
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    Apr 30th 2014, 10:27 AM

    From what i took from the trial reports and i stand to be corrected on this, was that he wasn’t too certain as to the consequences of the bank’s exposure to quinn’s holding with the cfd’s.

    18
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    Mute benny dowling
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    Apr 30th 2014, 9:12 AM

    White collar crime is not a serious offence in this moral,ethical and judicial backwater apparently

    95
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    Mute Seamus Dooley
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    Apr 30th 2014, 9:17 AM

    Why not save ourselves millions in legal fees and just send all the bankers out litter picking now!

    76
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    Mute Paul Flynn
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    Apr 30th 2014, 9:20 AM

    They can’t do community service, they all have fungal infections in the a**e area from the politicians licking them there all the time.

    82
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    Mute Phil West
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    Apr 30th 2014, 9:25 AM

    This is the final insult.

    After letting those culpable for destroying the social and economic fabric of this country, we now want to further reward the professional classes for explain that this disaster was really just a figment of our imagination.

    As a state we have learning nothing because the golden circle have have taken away any prospect of justice.

    This case shows that the judicial system is not “fit for purpose”.

    63
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    Mute Paul Harvey
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    Apr 30th 2014, 9:13 AM

    What’s the point. Oh yes mor jobs for the boys.

    62
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    Mute Joseph O'Regan
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    Apr 30th 2014, 9:52 AM

    We live in a corrupt sh@thole. The Bankers,political parasites and judicial system are rotten to the core, now this idiot Howlin wants to feed the legal leeches with even more money. Plenty of money for the boys, while people are dying on trollies in our hospitals……………..

    60
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    Mute TOP CAT
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    Apr 30th 2014, 9:26 AM

    Brendan you might as well be Howling at the moon.
    This country ad its “justice” system are a F**king joke.

    53
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    Mute Paul Moran
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    Apr 30th 2014, 9:46 AM

    Vote this bunch out of power..

    50
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    Mute Barry Mc Donnell
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    Apr 30th 2014, 12:16 PM

    This all happened under FF, not the present government, or has everybody forgotten already

    2
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    Mute Bobby Moore
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    Apr 30th 2014, 9:33 AM

    So, just like the Moriarty tribunal, people will be found guilty and will get off scott free and be able to still do lucrative business in this corrupt country, a la Denis O’Brien.

    50
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    Mute Richard Rodgers
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    Apr 30th 2014, 11:08 AM

    Bobby
    Tribunals don’t find someone guilty of offences as that’s the task of the Courts. Unless you know the difference it makes your comment inaccurate.

    1
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    Mute Bobby Moore
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    Apr 30th 2014, 11:14 AM

    I quote “O’Brien made two payments to Lowry in 1996 and 1999 totalling IR£500,000 (GB£147,000 and GB£300,000) and supported a loan of GB£420,000 given to Lowry in 1999, a benefit equivalent to a payment”. Guilty in my book.

    27
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    Mute Dave cullen
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    Apr 30th 2014, 9:33 AM

    The liars are now taking turns giving us pre-election spin!
    Stroke Reilly hasn’t lied in over 3 days,must be his go next !

    50
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    Mute Declan Byrne
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    Apr 30th 2014, 9:30 AM

    Whats the point of an inquiry?? We all know what happened, we all know who done it, and now we all know none of them will be held accountable for their reckless actions. Put the money to better use

    48
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    Mute winding_down
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    Apr 30th 2014, 9:29 AM

    It’s unbelievable really. No banking enquiry up to now because they didn’t want to “prejudice the outcome of a trial”. A community service order (because jail “wouldn’t be fair”).

    Like REALLY.

    47
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    Mute kingstown
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    Apr 30th 2014, 9:11 AM

    Sick of this country. No one is ever responsible. Not voting for anyone in May

    45
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    Mute Kev
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    Apr 30th 2014, 9:19 AM

    Copout

    44
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    Mute Pat Mustard
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    Apr 30th 2014, 9:22 AM

    Don’t vote and you have no right to give out about politicians!

    58
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    Mute VinHeffer89
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    Apr 30th 2014, 9:34 AM

    That’s a stupid approach which plays into the hands of the very people you are sick of. Rest assured that the sheep who support the established parties won’t forget to vote. Fianna Fail, Fine Gael, Labour, etc depend on voter apathy and abstinence to maintain the status quo; their sycophantic support bases will vote for them regardless anyway. The established parties do not gain power by a majority, only a majority of those who turned up and bothered to vote. People gave their lives for you to have the right to vote. Cop on and stop advocating further apathy; this is why we are where we are. It’s a tactic of FG, FF and Labour to convince the disillusioned that voting is pointless and a waste of time because “nothing changes”. The power is in your hands; voice your displeasure and vote Independent, SF, PBP, anything other than civil war parties with little interest in serving those who elect them or a right wing “worker’s party”. If you don’t vote, you may as well vote for the very people you’re so sick of. Have a bit of cop on, you’re playing into their hands.

    57
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    Mute Derek Richardson
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    Apr 30th 2014, 9:42 AM

    That judge will be in trinity college in a couple of months getting a doctorate bestowed on him along with all the other useless b!!!!!! s they gave them too

    41
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    Mute Gaius Gracchus
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    Apr 30th 2014, 9:46 AM

    I bet those two p**cks are laughing reading the newspapers this morning, it’s worthless but I don’t recognise the outcome of that trial.

    41
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    Mute The Irish Bull
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    Apr 30th 2014, 10:07 AM

    Ireland’s top criminals wear white collars.

    36
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    Mute Nigel O Keeffe
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    Apr 30th 2014, 10:11 AM

    Not a sinn feiner..but SF are the only crowd pushing for the bank guarantee letters to be published..what are the main parties trying to hide?

    36
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    Mute Norman Hunter
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    Apr 30th 2014, 10:27 AM

    Look at how our MEP’s voted no to the release of the Trichet letters only to say it was an error in the system.These parasites want us to send them back to Europe.

    22
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    Mute Kate Ellen Egan
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    Apr 30th 2014, 11:19 AM

    Those letters will be in the shredder ,the politicians and Regulator will have no recollection of anything ,why was Mr Neary shoved out the door so fast when it all kicked off, hidden from view for 5 years ….there’s €700,000 and €249,000 annually for the rest of your life , just keep schtum now .. the real culprits have yet to be outed ….no one at the top here does anything without a plethora of advisors and quangos on major money giving the go ahead ..

    17
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    Mute james r
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    Apr 30th 2014, 9:46 AM

    Fu-kin more bullsh-t and lies

    36
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    Mute richardmccarthy
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    Apr 30th 2014, 10:16 AM

    Howlin says a bankingi inquiry is imminent,hahaha, white coller crime dont make me laugh, no matter what the findings it will always be someone elses fault and no one will be held responsible in this corrupt country for their illegal actions,what is a certainty is even more taxpayer funded millions for the golden circle,the lawyers and wigs on €2000 a day expences,forget this idea and save the taxpayers from the legal profession, its the only justice they will get.

    24
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    Mute Matthew Donoghue
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    Apr 30th 2014, 11:18 AM

    Stop bitching, start protesting!

    20
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    Mute SeanieRyan
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    Apr 30th 2014, 9:58 AM

    The Govt. intend to use this banking inquiry as part of a smear campaign running up to the next GE on the opposition.

    Don’t fall for their spin. Everything will be done to pin it on certain people for political reasons while the bankers and certain dodgy business men walk away.

    18
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    Mute Norman Hunter
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    Apr 30th 2014, 10:04 AM

    Yeah Séanie because the ethical and morally superior FF had no hand or part in the collapse, but hey at least they can comfort themselves with the obscene pensions they awarded themselves.Unlike the ordinary person they’re happy to see suffer.

    42
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    Mute Gaius Gracchus
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    Apr 30th 2014, 10:07 AM

    It’s not spin if it’s true Seanie, Fianna Fáil are more than culpable in all of this mess

    40
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    Mute VinHeffer89
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    Apr 30th 2014, 10:21 AM

    A Fianna Fail man warning us not to fall for spin? There’s a new one.

    40
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    Mute Joe Travers
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    Apr 30th 2014, 10:34 AM

    Seanie. Just feck off with your fianna fail crap. Your party destroyed this country and now they have the audacity to ask for votes. It’s not an inquiry fianna fail needs, it’s political expulsion. Disgusting party that used smoke and mirrors to dupe the public for the last 20 years costing each and every person in the state ( except for bankers and ex- fianna failers) a fair chance at a normal life. Please whoever you vote for in the upcoming elections people, make sure that we send this parasitic political party to its grave where it is long overdue. Good god, martin and his cronies were the reason we are in this mess. Hopefully the public reacts against them.

    23
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    Mute Kev
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    Apr 30th 2014, 10:35 AM

    We already know who’s to blame and I’ll remember it every election till the day I die. Never again

    25
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    Mute David Thomas
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    Apr 30th 2014, 10:38 AM

    He doesn’t want us to fall for other people’s spin….

    14
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    Mute Norman Hunter
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    Apr 30th 2014, 10:40 AM

    Joe just remember FG/Lab are carrying on FF’s policies, vote independent only way to send a message to all parties.

    20
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    Mute Joe Travers
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    Apr 30th 2014, 11:02 AM

    Norman. That’s true. It’s about time change happened in this country. Hopefully people run these vermin from their doors and their offices.

    12
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    Mute Norman Hunter
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    Apr 30th 2014, 11:09 AM

    Joe I had FG at my door last night, all I said was “property tax, water tax and Alan Shatter” told him also that his party was no different than the crowd they replaced.He said “sorry” and left.
    I wasn’t rude what’s the point.

    15
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    Mute Joe Travers
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    Apr 30th 2014, 12:56 PM

    That’s all we can do Norman. Act with dignity and don’t let ourselves be dragged down by them to their level. Make your point for or against on the doorstep. Send a clear message to them and hopefully we now have an electorate that will walk into elections with their eyes wide open. No point getting into a slagging match, as much as I’d love to. But I would be hard pressed to keep my cool when fianna fail turn up.

    5
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    Mute corkboi
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    Apr 30th 2014, 10:10 AM

    They can get all the notes that they need off Patrick ,boi . It’s going to be as useless as an ashtray on a motorbike ,boi

    18
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    Mute leartius
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    Apr 30th 2014, 10:44 AM

    Another whitewash, using a 1963 company law as the only charges brought against these bankers. it’s a wonder that they were not given 7 Hail Marys and 6 our fathers as their sentence. Leaving Drumm over in America, allowing a scapegoat for all three. pat neary who’s idea of regulation is to ask for this name to be removed from these loans so that he can deny any knowledge of what was happening. now another circus where most of the important documents have either being destroyed, lost or cannot be used because the Europeans bankers do not want the Irish public to know how they saved their bonuses by turning bankers debt into government debt. Now we are about to re elect councillors who took money to re zone land. those who are about to retire get golden handshakes of on average 68,000 euros on top of pensions for life and down the line seats on the boards of a quangos. this is the cost of living in a banana republic where the developers, bankers, public servants have walked away and profited from their mistakes. No shame no justice just whitewash after whitewash until maybe someday the public stands up to the privilge elite who own this country.

    18
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    Mute Shane Brady
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    Apr 30th 2014, 11:06 AM

    Our corrupt judicial class, conspiring with our corrupt banking/political/legal (including Gardaí) class to completely screw us all over yet again.

    I no longer live in Ireland, and I’m livid.

    I don’t know how people in Ireland can continue to take this lying down – but I do not expect the Irish people to do a damn thing about this, except moan to Joe Duffy and then ridicule anyone who protests.

    12
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    Mute Brenda Malloy
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    Apr 30th 2014, 12:02 PM

    just another load of bol*ix from the government

    10
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    Mute Patrick Blood
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    Apr 30th 2014, 12:37 PM

    Since a conviction ‘of sorts’ has been given – I’d like to know if CAB can get hold of any of their asset’s, in lieu of the €450m?

    9
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    Mute Dermot Mc Loughlin
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    Apr 30th 2014, 1:03 PM

    Imminent……that should soothe the peons until after the elections.

    4
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    Mute Stephen Brady
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    Apr 30th 2014, 12:46 PM

    Another show trial, but this one will cost a lot more. Waste of time effort and money as no one will be punished and no one will learn a lesson

    4
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    Mute Brian Moore
    Favourite Brian Moore
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    Apr 30th 2014, 1:37 PM

    Who wants an inquiry that will cost the taxpayer a fortune and amount to nothing as they usually do. What the people of Ireland really needed was for the people who helped bankrupt the country and were found guilty of fraud to serve real prison time. Community service is an outrage, justice is different when it comes to big wigs and fat cats.

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    Mute Rory J Leonard
    Favourite Rory J Leonard
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    Apr 30th 2014, 10:59 AM

    A Banking enquiry would probably be a positive development, providing it was empowered to compel witnesses from all quarters, including politicians – current and former -, Central Bank, Department of Finance, Banks etc., to determine full facts surrounding collapse of 2008.

    Yes, it will be expensive. Yes, we will probably learn little that’s new, but at least it will be a transparent process, culminating in findings and a Report for the record, and an essential must-read bible for future generations in Education, Politics, Public Administration, Law and Banking, not just in Ireland but globally.

    If only to shine a light on inner workings of what Sir Humphrey Appleby, from Yes Minister, calls “the opposition in residence” aka The Civil Service, and to determine whether the true level of amnesia there is of epidemic proportions, well then it could be a very valuable exercise indeed.

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    Mute Norman Hunter
    Favourite Norman Hunter
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    Apr 30th 2014, 11:11 AM

    Better yet change the law if found to be incompetent sack them, happens in the private sector all the time.

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    Mute Kate Ellen Egan
    Favourite Kate Ellen Egan
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    Apr 30th 2014, 12:02 PM

    Yes Norman, but the top brass can do what they like with impunity , why ? well the learned elite make the laws with one eye on the loophole which will make them immune from prosecution …

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    Mute Frank Dillon
    Favourite Frank Dillon
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    Apr 30th 2014, 7:56 PM

    A waste of time why not focus on trying to get a write off of some of the banking debt instead of having a bunch of politicians investigating one and other and trying to score political points

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