AIB bank has come under new pressure from the Government today following the latest financial revelations involving the bank's investment division.
that emerged yesterday evening.
Speaking in London, the Minister for Finance said irregularities in the bank's investment division were very serious and have damaged the bank's reputation. "This is not some junior bank official doing something which is not right," he said.
Minister for Finance, Mr McCreevy
Mr McCreevy said it was "disappointing" that senior executives were involved in "somewhat dubious" activities.
The Tanaiste called for those involved to be named. "It's not good enough to say there is a new regime and everything is alright now," Ms Harney said. "I welcome that fact if that is the case. But that in itself will not be sufficient in this case," she told RTE news.
"If it is the case there were very senior executives involved, who had responsibility for running this bank, then I believe we need to hear an awful lot more on what is going to happen in relation to this matter, and it is not good enough to say it was all in the past.
"I think there is a responsibility on the regulation, and on others, and on the bank to tell us who they were, because we need to know what positions they occupied and perhaps what positions they occupy today."
The Oireachtas Committee on Finance is to call on the bank's chairman, Mr Dermot Gleeson, to explain the latest scandal. The chairman of the Oireachtas Committee on Finance, Mr Sean Fleming, is to write to Mr Gleeson, asking him to explain the latest scandal to hit the bank.
In a statement last night, AIB confirmed there were "tax issues" relating to current and former senior executives and said disciplinary action was being taken.
Mr Fleming said he was concerned about the culture at AIB, and stressed that the parliament had further options available, if the committee - effectively the body's financial watchdog - was not satisfied with the action the bank was taking over the current and previous scandals.
AIB has begun disciplinary procedures against three executives working at the bank after it was revealed they were found to have tax liabilities on funds of up to €48,000.
In a statement yesterday, AIB chairman Mr Dermot Gleeson said he would insist upon "high standards of probity and compliance throughout the organisation".
The seven other former executives identified in the bank's investigations into tax affairs and the treatment of investment clients may not face any sanction from the bank but are expected to come under scrutiny from the Revenue Commissioners and other regulatory authorities.
The bank refused to comment on whether it would be taking legal action against them and also declined to name them.
The bank officials' union has called on the Government to establish an independent forum on banking.
Mr Larry Broderick, the General Secretary of the Irish Bank Officials' Association (IBOA), said this morning said he was shocked to learn of the latest revelations from AIB and was "seriously concerned" that the succession of scandals at the bank will threaten banking jobs if credibility in the industry is undermined.
Mr Broderick said: "If Irish banking is to regain credibility, a similar review must take place throughout the whole banking sector in order to ensure that the highest ethical standards are delivered and adhered to."
Mr Broderick concluded: "IBOA calls on the Government to establish an independent 'Forum on Banking' to review ethics within banking in the interests of staff, consumers and the Irish economy."