Ireland's banks are bust.<\/p>\n
They were foreseeably bust a long time ago. The failure is spectacular by any standards.<\/p>\n
The accounts of Irish banks had to be wrong when signed off at the height of the boom. They were imprudent.<\/p>\n
Who<\/a> signed them off?<\/p>\n AIB - KPMG<\/p>\n Bank of Ireland - PWC<\/p>\n Anglo Irish Bank - Ernst & Young<\/p>\n Irish Nationwide - KPMG<\/p>\n Irish Life & Permanent - KPMG<\/p>\n Why are no writs being issued?<\/p>\n Let's be clear - these banks failed to anticipate losses using reckless mark to market procedures that ensured they failed to comply with requirements that capital was preserved to protect creditors - the fundamental duty of all companies (over and above any duty to make a profit). The auditors were complicit in that in falling to identify the conflict between accounting requirements and company law - which in this case is the same for all practical purposes in Ireland as it is in the UK - where the same neglect took place, as the UK's House of Lords made clear this week<\/a>.<\/p>\n So sue, I say.<\/p>\n What have the Irish got to lose?<\/p>\n","protected":false},"excerpt":{"rendered":"