The Governor of the Central Bank has said we still do not know how the major banks failed to avoid disaster.
Patrick Honohan is before an Oireachtas committee answering questions over his report into the banking crisis.
His report stated that the regulatory approach taken with the banks was deferential and that banking supervision was under-resourced.
Mr. Honohan is suggesting further probing into some of the country’s banks.
“I feel that we still don’t know enough about the risk management and decision processes at the major banks, and how they failed to avoid disaster” he said.
“I believe it would be useful to commission independent reviews of risk management and governance of these matters for at least the two big banks”.
“This can be a useful exercise on a forward-looking basis anyway; both for the banks and for the Regulator”.
“But looking at the period (of) 2003-2008 in an independent manner would be key for the present purposes” he added.
