Before the Irish Banking Inquiry even commences – it is fundamentally flawed

The Commission of Inquiry has now been refused any assistance & cooperation from the European Central Bank. The investigation into, and postmortem on the Irish Banking crisis will also steer clear of scrutinising the biggest own-goal in the Financial History of the state, when on 28th October 2008 the Irish State guaranteed a dishonest & bankrupt domestic Banking industry that was aided & abetted by both Irish & European Regulators. To come across as a worthwhile & all-encompassing undertaking the Inquiry must grasp the nettle of  ‘Regulatory Capture’.   This is an elaboration of Light-touch-regulation. It  is a theory (developed by George Stigler, Nobel lauriate economist) and subsequently recognised by Wall Street Bank Investigators. It describes a process by which Regulatory Agencies over-time, eventually come to be dominated by the very Industries they were charged with regulating. Regulatory Capture occurs when a Regulatory Agency, formed to act in the public interest, eventually acts in ways that benefit that same industry that it is supposed to be regulating, rather than the...

Ulster Bank & its master RBS

The very questionable activities of Royal Bank of Scotland and its former blue-eyed boy in Ireland, Ulster Bank have again surfaced this month. RBS has decided to own-up to the fact that it gave incorrect evidence to the UK Government’s RBS Investigation. Two senior RBS executives mislead the Treasury Committee in denying that its Global Recovery Group Division was a Profit Centre. In other words its real mandate was to turn a short-term profit at the expense of Distressed Borrowers. Ulster Bank has a  GRG division with a similar highly questionable mandate. The Lawrence Tomlinson Report, ‘Banks’ Lending Practices: Treatment of Businesses in distress’ in November 2013 was commissioned when David Cameron to his credit nominated the successful Yorkshire business figure and UK Entrepreneur-in-residence to independently report to the UK Treasury Select Committee, House of Commons on activities of RBS. Two days after the Tomlinson Report was presented, the pressure was mounting on RBS. *The Financial Times revealed that the Serious Fraud Office was considering an investigation into that Bank’s alleged abuses. This is now a fully-fledged criminal probe, under which the British SFO’s principal intelligence officer, Colin Croucher, is examining hundreds of claims. On Friday 29 November 2013 the UK Financial Conduct Authority said it was launching a ‘skilled persons report’ into the alleged malpractice, under section 166 of the UK Financial Services and Markets Act (FSMA) 2000. Two months later, in January 2014, the UK FCA declared the probe was being outsourced to the Washington DC-headquartered Promontory Financial Group – a firm which, disturbingly, is reported as having a history of ‘whitewashing’ financial crimes on behalf of...

Central Bank names members of Inquiry on alleged rogue Banks (IT Oct 2014)

The CB has named 13 members of an allegedly high-powered Inquiry panel to investigate roque Banks & Bankers. To paraphrase, We at the CB want you 13 to conduct a detailed Investigation (not on us, nor on our predecessors) ; We’d like you to begin with INBS., and Michael Fingleton; In return for this we will pay you all a daily rate of Euro 750  & we will describe you all , (in our Press Release) as being members of a High-powered Inquiry; Three of our current CB management will be part of the 13-high-powered Investigators, to monitor you as you arrive at your (our)...