'They've Acted like Church over Sex Abuse Cases' BUNGLING BANKS GET OUR EUR7BILLION

The Mirror (London, England), February 12, 2009 | Go to article overview

'They've Acted like Church over Sex Abuse Cases' BUNGLING BANKS GET OUR EUR7BILLION


A LEADING economist yesterday claimed the latest Anglo scandal showed the Irish banking system is "rotten to its very core".

David McWilliams also compared the banking scandals to the Church cover-up of sex abuse cases.

He said: "Shareholders were given false information as to the real state of the deposits in Anglo Irish Bank.

"Because what's very clear here is this was an effort to boost upwards the deposit base so Anglo could go off and tell their shareholders, 'Listen things aren't as bad as they seem, have a look at our deposits'.

"It is not acceptable.

"What you have is a movement of deposits into a bank and then taking it out again. This is the bed-breakfasting operation that we've seen between Anglo and Irish Nationwide, this is a similar version of what was seen.

"It's an effort to deceive the shareholding public. Ultimately the big picture it adds further to the perception here in Ireland but particularly abroad of a cronyism at the top of the banking system on the very day we are hoping a recapitalisation will change the perception of Ireland and attract in foreign money at the same time. …

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