It may be that we need an inquiry into the conduct of Irish banking and its regulation. However, the complexity of banking operations should not obscure the obvious. It was clear to any person with average intelligence and a passing interest in current affairs that the property bubble would end in tears. It most certainly is not true that everyone was deceived or mistaken.
Let’s be blunt: Anyone who failed to recognise the problem is not a person to be taken seriously in future. Anyone who did recognize the problem but remained silent has questions to answer. Sensible people in the banking and finance industry must have felt intimidated by the tide of nonsense in support of the clearly unsustainable; they must have had to weigh good conduct against career prospects.
Here we have an industry in need of changes in personnel. The one fortunate outcome is that people have been tested. Some have proved themselves but it is clear that those who did not speak out clearly and strongly lack the ability, integrity or courage required to manage at any level.