Wednesday, December 30, 2009

'Rogue bankers' to be taken to court: Irish Energy Minister

The Independent has an article with the headline "Rogue bankers to face court next year -- Ryan," but the minister's quotes do not support that title. Eamon Ryan stops well short of saying that bankers will be prosecuted. Here's what he actually said:
"I can't believe in the scale of our banking problem that it didn't go beyond incompetence into malpractice"
The minister stressed it will obviously be up to these bodies [Director of Corporate Enforcement, the Garda Fraud Office and the Financial Regulator] to determine if prosecutions should be pursued and the courts to decide on the outcome of any trial.
"Given the scale, we do have to pursue every legal means to take anyone who was engaged in improper conduct into the courts," he said. "I think that given the amount of resources (gone into the investigation) I hope there could be an action," he added.

The minister said he would be "very surprised if there's not" any court cases and feels the public need to see an outcome from the investigation. "I think that does need to be seen to happen," he said.

This is nothing new. I would not hold my breath on prosecutions stemming from these inquiries.

The article also quotes the minister on NAMA:
"The exact measures were different to what was proposed. The State gets paid first. Before any bank gets paid, the State has to get its money back," Mr Ryan said. The minister said the big issue with NAMA is how it works in developing assets. He said the bad planning of the past cannot be repeated.
"The really difficult thing is how it manages assets and developments."