Re: Can we trust FG and labour with the banks?
To answer the OP no I see no reason why FG and Labour would be any less led by the nose by banks.
In fairness if Germany can be fooled by the banks given their tighter history of regulation over that financial sector I see nothing in FG or Labour in Ireland that would indicate any control over Irish banks.
As long as the IFSC is a low regulatory and low tax sector which enables European banks subsidiaries to take massive gambles via the IFSC, as long as Irish politicians swallow whole the lobbying of this sector and as long as the IFSC is regarded as 'systemic' to the Irish economy there is not a hope in hell that FG or Labour can hope to control them in any meaningful regulatory fashion.
And I have absolutely no doubt in my mind that the senior leadership in FG and Labour know this full well.
The banks will not be controlled by Irish politicians. At this stage it would take the G20 or United Nations to introduce proper global regulation for the banks and bearing in mind I have read through the consultation process on regulation in exactly this sector under Commissioner McCreevy in Europe I can assure you that bank lobbying stands every chance of resisting even international and global regulation.
The banks have been out of regulatory control for quite some time- at least a decade or more.
Think National. Act Local. Oh- and superstition is just the dark matter of human history.