Memorandum from Carmel Butler

The banks have stated their case. They say: the banking crisis ensued from bad borrowers to bad debts to toxic assets to taxpayer support. The banks with their powerful lobby, powerful public relations and easy access to the media have framed the public debate. Consumers on the other hand do not have such powerful infrastructure to effectively rebut the bankers’ defamatory accusations. This written evidence challenges the bankers’ version and endeavours to dispel the bankers’ myths. The chain of events is rooted in lenders’ abuse of unfettered power to impose unsustainable interest and charges on consumers combined with their determination to avoid contributing to the public purse.