Editorial: State must impose stricter penalties on corporate wrongdoers

Regulators and the Gardaí need enhanced powers to tackle financial corruption

Helen McEntee, the Minister for Justice, last week brought forward a new plan to give increased powers to financial regulators and the Gardaí

It’s now more than a decade since the financial crash brought the Irish economy to its knees. During that time we have seen the collapse of Anglo Irish Bank, Irish Nationwide and all the problems that came with the €67 billion bailout of the Irish banking system. And the tracker mortgage scandal was to follow.

The Anglo bond scandal involving Davy stockbrokers is just the most recent example of financial wrongdoing in this country. Given the public anger that followed the publication of the Central Bank’s investigation into Davy, it’s hardly surprising that the latest Business Post/Red C poll shows the vast majority of people in Ireland (87 per cent) believe the consequences for corporate wrongdoing in this country are not severe enough.