An irresponsible Central Bank still favouring the rich and powerful

Michael Fingleton’s lavish expenses and his refusal to return a €1 million bonus is the thing that will anger taxpayers the most according to an Irish Independent report today.

Regrettably, this is probably true.

Regrettably because the full force of public anger should focus on the betrayal by the so-called regulatory authority responsible for reigning in low-life individuals like Fingleton – The Central Bank.

In 2000 the Central Banks own consultants highlighted the lack of controls within Irish Nationwide when lending money.

Similar concerns were raised five years later in 2005 but no action was taken.

The figures are nothing short of incredible. Irish Nationwide advanced loans totalling €17 billion between 2003 and 2007.

Remember, this institution wasn’t even a bank, it was a bog standard building society.

Even with the very minimum of deliberation and paperwork, (which, apparently was the case) Fingleton must have been working 24/7 to deal with the sheer volume of cash flowing out of ‘his’ bank.

All this was done under the totally irresponsible eye of our facilitating Central Bank.

Next to our corrupt political system the Central Bank and other so-called regulatory agencies are principally responsible for the economic disaster visited upon the people of Ireland.

The Central Bank has a long and disgraceful history when it comes to protecting the interests of Ireland and its people.

Practically all decisions and actions/inactions by the Central Bank and other so-called regulatory agencies over the past several decades have benefitted rich and powerful interests while inflicting untold suffering on Irish citizens.

And in case there’s anybody out there labouring under the illusion that this particular leopard has changed its spots – it has not.

There is an ever-increasing body of evidence which suggests that the Central Bank is still operating under the same culture of favouring the rich at the expense of Ireland and its citizens.

Copy to:
Central Bank

Share this: