We here at Public Inquiry have always treated the so called Financial Regulator with well deserved contempt. It’s an organisation that claims to work in the best interests of the consumer but in reality does no such thing.
The ‘Wild West’ financial sector of Ireland is, by far, the most corrupt in the Western world and yet not a single institution or individual has ever been investigated, never mind actually charged, by the police.
But the financial tsunami sweeping the globe has had the positive effect of stripping away all the bluff and bluster that covers the rot at the core of Irish financial regulation. The international community is beginning to see Ireland for what it really is, a corrupt banana republic pretending to be a modern democratic state.
Sean Fitzpatrick’s dirty little secret is just the latest example of how rotten the whole system really is and Neary’s ‘the dog ate my homework’ excuse for the debacle is a pathetic example of a cowardly civil servant rushing to protect his generous pension and massive golden handshake.
“So far as I am concerned, I was not advised of any such matters in early 2008 and there has been no oral, written or e-mail escalation of these issues to me or to the authority over the period until the matter was raised with me by the Minister on 10th December, 2008,” (Irish Times).
For good measure Neary throws in the by now standard missing letter/file and pressure of work excuses. The committee that ‘investigated’ the scandal made the usual mindless recommendations about reviewing staff requirements and examining loans to directors in more detail.
So, can the people of Ireland finally expect protection from the vermin that infest the financial sector when the new Financial Regulator is appointed? No, because the political system that created the financial regulatory system is itself corrupt and, as has become abundantly clear in recent times, does not act in the interest of the people.