Gratuitously Oblivious Muppet wrote:
Communications Minister Eamon Ryan has reportedly indicated that changes in personnel at the top of Irish banks are on the way in the new year.
Mr Ryan is quoted this morning as saying a new culture of management is needed within the financial regulatory system, the Central Bank and the commercial banks.
He says the bank's shareholders, which now include the Irish taxpayer, must have confidence in the system and the status quo cannot be allowed to continue.
The Green Party minister also says the whole system of pay and bonuses in the banks will have to change because it has encouraged bad lending practices.
Slutmonkey57b wrote: »
UNBELIVEABLE MASSIVE IRONING wrote:
The Irish government's move to inject 5.5 billion euros ($7.69 billion) into the three biggest lenders is likely to lead to changes in their top brass and banking reform next year, Energy Minister Eamon Ryan said on Wednesday.
Ryan, whose Green Party is a partner in Ireland's coalition, government, said Ireland needed 'root and branch reform' of its banking system.
'It is not just a matter of seeking heads for the sake of it, it's a matter of bringing in new management and new systems and a new culture in banking and that I believe does require changes at the very top,' he told public broadcaster RTE.
The government said on Sunday it would inject 2 billion euros each into market leaders Bank of Ireland and Allied Irish Banks giving it 25 percent voting rights in those lenders.
The state will also make an initial 1.5 billion euros investment in Anglo Irish Bank giving it 75 percent control of the niche commercial lender.
Ryan, who is also communications and natural resources minister, said the banks would not get a 'soft deal'.
'It's not going to leave a status quo where we just keep going with the current system,' he said. 'The current system systematically failed and it needs to change.'
'We need to look at the role of the regulatory office and the role of the central bank as well and I think that's in train. It will come I believe early in the New Year,' he said.
Ryan said the regulatory authorities had not 'protected the public's interest' with personnel changes expected there too.
'We need confidence from the Irish public and the international public that we are learning lessons from what has gone wrong, that we are putting in different systems, different management,' he said.