Irish Times: Losses in banks 'truly shocking'

The Irish finance minister today described as “truly shocking” the detailed information the Nama process has revealed about the banks. “At every hand’s turn our worst fears have been surpassed,’’ he said. “Some institutions were worse than others. But the fact is that our banking system, to a greater or lesser extent, engaged in reckless property development lending” and shoddy banking practices. “The banks played fast and loose with the economic interests of this country,’’ and Mr Lenihan added that the State’s previous regulatory system had failed abysmally, and it was right that the role of the regulator, the Central Bank and the Government was now the subject of an independent inquiry. etc etc.