MP calls for banking scandal inquiry

Foyle MP Mark Durkan.
Foyle MP Mark Durkan.
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Derry’s MP has said the resignation of the chairman of Barclays Bank Marcus Agius should not be the only one over the inter-bank lending rate-fixing scandal.

SDLP MP Mark Durkan has called for a full public inquiry into the “wholesale theft and corporate graft by financial institutions”.

Mr Durkan, the SDLP’s Treasury spokesperson and former Northern Ireland Finance Minister, said: “This should not be the only resignation from Barclays – and they should not be the only bank which should see resignations over this scandal.

“Given the range of rackets that banks have been involved in, the impact on customers and the economy, and the serious questions about the level of awareness or approval of such rip-offs there should be a full public inquiry.

“It would be bizarre to have the inquiry we have into media malpractice and their related implications but not have a full inquiry into what looks like wholesale theft and corporate graft by financial institutions.

“The taxpaying public has been compelled to underwrite the failures and excesses of banks and have the right to understand how a culture of indulgence could be allowed to reign, with regulatory authority counting for little and coming late.”