'Groupthink' a problem in run-up to bank crisis

A UCD politics professor has told the banking inquiry that "groupthink" was a problem in the run-up to the banking crisis.

Professor Niamh Hardiman of the School of Politics and International Relations said there were dissenting voices about bank risk and the property boom but many lacked confidence to speak out and some who did were criticised or marginalised.

She said too many people's opinions converged on what was perceived as the general wisdom without being subjected to too much criticism.

Fine Gael TD Kieran O'Donnell cited her references to crony capitalism and groupthink, and asked how big a factor they were in the banking crisis. 

Ms Hardiman said they were both very important.

Earlier, Professor David Farrell told the inquiry the Oireachtas took its eye off the ball and its failings contributed to the banking crisis by not providing adequate scrutiny of the government.

Prof Farrell said the Irish parliament was weaker than in most other countries and it performed poorly during the period under investigation.

He said it lacked sufficient organisational and structural firepower to provide effective scrutiny. It lacked the political will to use its powers and it was hindered by a governmental system that emphasised secrecy, particularly in budgetary matters. 

Prof Farrell also said there was little evidence to suggest things are any different today and there had not yet been serious Dáil reform as promised in the Programme for Government.

He added there should be a secretly elected Ceann Comhairle.

Fianna Fáil's Michael McGrath asked about the Government's addition of two extra members to Banking Inquiry to ensure it had a majority.

Prof Farrell said speaking generally it was a pity and unfortunate to have committees with inbuilt Government majorities. 

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