May 28, 2009

IN TIMES of stress, objective discourse is often in short supply. This is certainly the case when considering the reaction to the problems now being faced in the banking and financial services industry.Public indignation has manifested itself in what can only be described as an assault by the media in Ireland, and to a certain extent internationally, on the Irish financial services industry and the state of regulation which applies to it.

Since the crisis began the press has indiscriminately denounced the financial sector.The articles have been to a great extent characterised by prejudice and almost a sense of glee at the declaration of “open season” on a sector against which increasing resentment has been building for some time.There was and is, predictably, no distinction made between any aspect or sector of the financial industry. The entire industry is systematically associated with every transgression.