Last night, RTE Television broadcast a Prime Time Special on the subject of ‘overcharging’ by Irish banks.
Over the last couple of decades, Irish banks have robbed millions from their customers and the State. Despite this, neither the State nor police have ever shown any serious interest in bringing those responsible to justice.
Take for example, Allied Irish Banks, the biggest financial institution in the State. This bank is permitted to carry out its own investigations into itself. It also operates its own court system whereby AIB ‘citizens’ who are found guilty of infringing bank ‘laws’ are appropriately punished. The State plays no part in this ‘justice’ system.
Incredibly, AIB also operates its own quasi police force ‘The Irish Business Ethics Unit’. The following is taken from the Sunday Business Post reporting on the latest scam being investigated by this ‘police force.’
(Do the tactics employed by this unit bring any particular historical era to mind?)
The new inquiry (conducted by AIB) relates to claims that AIB branches deliberately changed FX rates on a daily basis during the 1980s and 1990s at customers’ expense.
The Sunday Business Post has learned that AIB compliance officers from its Irish business ethics unit have conducted interviews at its headquarters in Bankcentre in Ballsbridge, Dublin, in recent weeks.
Former senior executives and current staff members were quizzed for up to two hours last month and were warned that any future tribunal of inquiry could use the evidence gathered as part of the investigations.
Those questioned were sworn to secrecy and were not offered union or legal representation. Staff and former executives were urged during the interviews to identify managers who allegedly encouraged the altering of FX rates. They were shown pieces of paper and asked if those named were responsible for the practices.
The so called Financial Regulator plays only a peripheral role in dealing with these activities. To date, the regulator has shown no interest whatsoever in taking effective action against criminal activities in the Irish banking sector.