Dan Boyle, a Green Party senator in Ireland, is planning on introducing a bill next week for an Iceland-style law on “financial treason."

“Among the many reasons why there has been no action taken against known individuals working in Irish financial institutions – whose greed and recklessness have brought us to where we are – is that properly defined legislation seems to be lacking in defining this kind of white collar crime and fraud,” said Boyle.

“I believe that there should be an offence of financial treason, carrying a mandatory sentence and huge fines, that would be applicable to defined individuals working in financial institutions licensed by the Irish State.

“There would be convictions on foot of any decision made knowingly by such individuals that result in reputational damage for the country, an unacceptable economic cost, or a loss of economic sovereignty,” he said.

“While much public anger has a political focus, and much of this is justified, the inability to bring to justice those whose self-interest and greed so undermined our national wellbeing, is something that must end – and end soon.”