Banking inquiry to begin public hearings next month

The Oireachtas Banking Inquiry was formally established today following the passing of motions in both the Dáil and Seanad Éireann.

This now gives the committee the powers to compel written and oral evidence along with being able to publish findings of fact. It also clears the way for public hearings to begin in December.

The inquiry has already met in private session on a number of occasions recently under the chairmanship of Labour Party TD Ciarán Lynch.

“Today is an important day,” Mr Lynch said. “We are at the beginning of a process, not the end. While significantly preparatory work has been carried out by the committee and the secretariat over the past few months, we recognise that there is a huge volume of work ahead of us. But we are ready for that work and the challenges that come with it.”

Mr Lynch said the committee today considered the preparation of a draft plan for the context phase of the inquiry. This will consist of technical briefings for the committee in areas such as reviewing existing crisis reports; policy context and early warnings; banking policies, systems and practices; bank regulation, supervision and financial stability monitoring.

It also includes other relevant topics such as the role of the European Central Bank, the role of the media, and the nature, cost and scope of the bank guarantee.

The design will be finalised before the public hearings start next month. Relevant witnesses for the purpose of information-gathering will then come before the committee allowing it to inform the nexus phase of the inquiry.

This will focus on three broad elements: banking systems and practices, regulatory and supervisory systems and practices, and crisis management systems and policy responses.

Mr Lynch said it was important that the inquiry be conducted in an “open and transparent manner”.

“Importantly, it will allow the people of Ireland to see and hear those called on to give their evidence in public. It is necessary that we, the members of the Oireachtas and the public, approach this inquiry with open minds.”

The committee will comprise 11 members of the Dáil and Seanad, with Mr Lynch as chairman. The other members are Pearse Doherty of Sinn Féin, Joe Higgins of the Socialist Party, Michael McGrath of Fianna Fail, and Fine Gael deputies Eoghan Murphy, Kieran O’Donnell and John Paul Phelan.

It also includes Senators Sean Barrett (independent), Michael D’Arcy (Fine Gael), Marc MacSharry (Fianna Fail) and Susan O’Keeffe (Labour).