'Where is the big stick' for the bankers?

IRELAND IS paying the “terrible price” for slavishly following the British model of light financial regulation, Labour finance spokeswoman Joan Burton has claimed.

Sharply criticising the Financial Regulator and the Central Bank, she said regulation had not been done by a “pitbull in lipstick” but by “your friendly Labrador who wants to roll over and just have his tummy patted”.

During the day-long debate on the Government’s bank guarantee system, Ms Burton also said Minister for Finance Brian Lenihan had not had a “hard word” to say about the Financial Regulator or the Central Bank or bankers.

“You are the Minister for Finance. Where is the big stick, Minister? The big stick was taken out to the poor pensioners. They understand that they got a belt that they’re going to be reeling from for years.”

The Dublin West TD added: “Right across the globe the British model of regulation, which originated in the era of Thatcher, Reagan,” was at the heart of most of the banking failures and “we are paying a terrible cost for slavishly following the British model of light regulation”.

Party president Michael D Higgins criticised Mr Lenihan for using banking language. “Instead of using the word ‘crisis’ he takes their word ‘disturbance’,” he said.