Will the lunatics run the asylum?

Well, it had to happen. If you waited a millennium, eventually an Irish inquiry into alleged wrongdoing was actually going to attribute blame and make contributions. Mind you, it was a close-run thing.

What happens next is the key. The Revenue is, at last, comprehensively auditing all the financial institutions and DIRT bills will no doubt be forthcoming, together, presumably, with interest and penalties, as would befall any other errant taxpayer.

Whether the upgrading in regulation sought by the committee members will occur is a moot point. Interestingly, the Taoiseach agreed with the necessity of greater regulation of the financial services sector. However, he thought it best achieved by voluntary self-regulation.

Don't get me wrong, but I thought self-regulation was exactly what the financial institutions were engaged in when they decided to flout the law and deprive the State of monies due in DIRT, with the passive complicity of the Revenue and other State agencies.