Banking inquiry group needs to get 'ducks in row'

Written By Unknown on Rabu, 17 September 2014 | 22.40

Minister for Finance Michael Noonan has said there should be enough time to conduct the banking inquiry before the next General Election if the group carrying out the inquiry gets its ducks in a row.

The minister said that for an efficient inquiry the committee needs to hear from everyone directly involved.

But he said he is not in a position to encourage the former president of the European Central Bank, Jean-Claude Trichet, to attend the inquiry.

Mr Noonan said such a request was a matter for the Chairman Ciarán Lynch and the committee.

Minister for Public Expenditure and Reform Brendan Howlin has said the timetable for the banking inquiry is achievable, but it will be demanding and requires cooperation.

The minister said the inquiry must lay bare all of the facts of the economic collapse.

He said he hoped all involved will cooperate as it is in the national interest.

Meanwhile, members of the inquiry have noted the report of the advisory group on how they should conduct the investigation of the banking crisis.

Members of the inquiry have until Monday to make additional submissions.

They are due to agree a formal proposal at their meeting next Wednesday. 

Mr Lynch said: "Following its meeting with the ... group, the committee considered a draft proposal for the Committees on Procedure and Privileges of Dáil Éireann and Seanad Éireann.

"This document outlines the relevant proposal, which includes a framework for the inquiry plan, the different phases of the inquiry and its draft terms of reference.

"Over the coming week, the committee will work on finalising these draft documents and have agreed to have these completed at our next meeting on Wednesday, 24th September for submission to the CPPs of both houses."

The advisory group raised concerns about the timescale of the inquiry.

It also recommended that the inquiry should examine the period starting from the beginning of 1992 up to the end of 2013.

However, it did not recommend an examination of all of the events during this period.

It said the inquiry should focus on core issues, including what happened in the banks, the lead-up to the bank guarantee, the decision itself and the consequences.

A Cabinet meeting took place ahead of the return of the Dáil and Seanad this afternoon.


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