NYBERG 'STUMBLED OVER' LAWYERS IN PROBE - Yesterday saw the publication of the report of the Commission of Investigation into the banking sector in Ireland by Finnish banking expert Peter Nyberg.
Mr Nyberg said he had never had to deal with so many lawyers, and that while some people came to the investigation with no legal representation, for the most part he was overrun with them. He said he was surprised at this and 'stumbled over' lawyers all the time during his investigation.
Mr Nyberg said Irish bank boards would have done better with more lending expertise. But he said he was 'very confident' the current regulators and boards would do better if they learned lessons from the crisis.
He said that the crisis in Ireland was worse than that experienced in Finland in the 1990s, though the causes were similar. He said two things set us apart - the size of our losses and the fact that Ireland did not have its own currency to revalue. Mr Nyberg said Ireland used up money from elsewhere and lived beyond its means, and now must live 'below its means' for some time as that money was paid back.
