"Not only does the general public deserve a thorough explanation," said Larry Broderick, "but thousands of ordinary bank employees also deserve to know how a substantial failure of leadership in the financial services sector has placed their jobs and livelihoods in jeopardy."

The Union leader backed Dr. Honohan's suggestion that such an inquiry should be conducted like a US Congressional hearing availing of expert witnesses as well as examining the key participants in the events leading up to the crisis.

 

"The banking crisis has resulted from a widespread systemic failure - involving not just the financial institutions, themselves, but also the public agencies charged with their supervision and regulation - and indeed the political framework within which those supervisory agencies were established," he said. "So, rather than simply engaging in an exercise in finger-pointing, an inquiry of this kind should also identify the important wider lessons that must be learned to prevent a recurrence of these events in the future."