A new report into the banking meltdown here says it’s "almost unbelievable" that bankers were not aware of the risks they were taking, and that the boards of banks had "little appreciation" of how the institutions were being run.
The Nyberg report also makes major criticisms of the Central Bank and Financial Regulator.
There was a major domestic policy failure at the Central Bank in respect of the maintenance of financial stability according to Peter Nyberg.
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And he says the real problem with the financial regulator was not a lack of powers but a lack of sceptism and the appetite to prosecute challenges.
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