Financial Regulator board should be sacked - FG


Fine Gael will call for the board and senior management of the Financial Regulator to be sacked and for the ten people who were given €300 million in loans by Anglo Irish Bank to be named, the Fine Gael finance spokesman Richard Bruton said tonight.

The party will also ask during its private members time next week for a cap of €250,000 to be placed on the earnings of chief executive officers in Irish banks.

Mr Bruton said he did not support Ictu general secreaty David Begg's call today for all Irish banks to be nationalised as it would “extend the State's exposure by tens of billions and would further erode perceptions of our credit worthiness.”

He said he was in favour of a "good bank/bad bank" model where bad debts are separated out from the manageable debts before the new "good bank" can starting trading effectively again.

"I disagree with the comments by David Begg today about the future of AIB and BoI. I do not think this is the right
approach for these banks," he said.

"The "good bank/bad bank" model I proposed some weeks ago is a preferable option that would allow two "new" banks begin trading effectively. That is the outcome that we need to see realized, not more open ended undertakings by the taxpayer when the people that helped create these problems get away without shouldering their share of the burden."