Banks refusing to learn from mistakes of the past

Sinn Féin MEP Liadh Ní Riada has said that banks here are still refusing to learn from the mistakes of the past.

The Ireland South MEP was speaking after Bank of Ireland was handed a €3m fine for failing to adequately adhere to regulations introduced in 2010 as a result of the banking collapse.

The decision follows similar fines that were handed out to Ulster Bank and AIB in recent months.

“The Irish banking system has seemingly learned nothing following years of bad practices and light regulation which left Irish citizens saddled with €64bn of private banking debt,” she said.

“Bank of Ireland’s actions were a blatant defiance of very clear legislation which was put in place to protect Ireland’s reputation, taxpayers and banking system. It is eerily reminiscent of the horrendous banking practices we saw in the years leading up to the collapse.

“Episodes like these are a slap in face for ordinary families around the country who are still fighting these same banks in courthouses in order to keep a roof over their heads.

“This incident will be particularly insulting to people coming just a week after the incompetence of the State and Office of Director of Corporate Enforcement allowed the collapse of the case against the former Anglo Irish Bank CEO Sean Fitzpatrick.

“The fact that this was not a one-off incident but a series of consistent breaches of regulations over a three year period shows that despite bringing the country to its knees, there still exists within the banking system a pervasive cultural attitude that regulations are optional, that they come second to maximising profits and that ultimately they are above the law. I hope this fine and others like it will begin to stamp that culture out.”