Durkan Calls For Full Public Inquiry Into Banking Scandal

SDLP Foyle MP Mark Durkan has said the resignation of the chairman of Barclays Bank Marcus Agius should not be the only one over the inter-bank lending rate-fixing scandal, and has called for a full public inquiry into the "wholesale theft and corporate graft by financial institutions".

Mr Durkan, the SDLP's Treasury spokesperson and former Northern Ireland Finance Minister, said: "This should not be the only resignation from Barclays – and they should not be the only bank which should see resignations over this scandal.

"Given the range of rackets that banks have been involved in, the impact on customers and the economy, and the serious questions about the level of awareness or approval of such rip-offs there should be a full public inquiry.

"It would be bizarre to have the inquiry we have into media malpractice and their related implications but not have a full inquiry into what looks like wholesale theft and corporate graft by financial institutions.

"The taxpaying public has been compelled to underwrite the failures and excesses of banks and have the right to understand how a culture of indulgence could be allowed to reign, with regulatory authority counting for little and coming late."


Related Irish News Stories
Click here for the latest headlines.

31 January 2020
SF Manifesto 'Double-Hit On Public Sector Workers' - FG
Fine Gael have described Sinn Féin's manifesto as a "double-hit on public sector workers". Making the criticism, Minister of State Patrick O'Donovan said: "For the past ten years, Sinn Féin have proposed cutting the tax relief available on pension contributions from 40% to 20%.
17 June 2014
FF Refutes Allegations On Banking Inquiry Selection Process
Fianna Fáil Senator and Leas Chathoirleach of the Seanad Denis O'Donovan has refuted allegations from the Minister for Finance that Fianna Fáil pulled a stroke in appointing two Senators to the banking inquiry committee. Senator O'Donovan chaired the Committee on Selection, which nominated Senators Marc Mac Sharry and Seán Barrett.
02 December 2011
Financial Crash To Be Probed By Dáil Cmmtee
A high-powered Dáil committee is to probe the banking crash that blighted the Irish Republic's financial system. The Public Accounts Committee will conduct the official inquiry into the banking collapse - but only within its current legislative powers.
09 December 2019
Public Urged To Prevent Spread Of Winter Infections
The HSE is urging the public to help prevent the spread of winter related infectious diseases, which are likely to increase in incidence over the coming months. Some diseases circulate more widely in winter and we can all play our part in curtailing their spread by following simple steps.
15 April 2011
Ireland 'Overcoming The Worst'
The International Monetary Fund (IMF) visiting Dublin for the first quarterly review of the government’s economic program have said Ireland is making "good progress in overcoming the worst economic crisis in its recent history".