Richie Boucher and Cormac McCarthy to appear before Oireachtas Banking Inquiry

05/05/2015

Group Chief Executive of Bank of Ireland Richie Boucher and former Group Chief Executive & Director, Ulster Bank Cormac McCarthy will appear before the Oireachtas Banking Inquiry as part of its Nexus Phase public hearings tomorrow, Wednesday, 6th May.

During the Nexus Phase the Committee is engaging with institutions and individuals who had roles relating to the crisis. It is focusing on three broad elements — Banking Systems & Practices; Regulatory and Supervisory Systems & Practices; and Crisis management systems and policy responses — and how these three elements interacted with each other.

Chairman Ciaran Lynch TD said: “Tomorrow we will continue with hearings with senior bankers who had roles during the crisis. Among the issues to be addressed with Mr Boucher and Mr McCarthy at tomorrow’s meetings are the quality of the business model setting process; the appropriateness of property related lending strategies and risk appetite; the appropriateness of credit policies, delegated authorities and exception management; analysis of risk concentration in the base and adverse economic scenario and the impact on the capital structure; the adequacy of the Incentive and Remuneration arrangements to promote sound Risk Governance; the liquidity versus the solvency debate; the appropriateness of the Bank Guarantee decision; and the nature and appropriateness of the relationship between Central Bank of Ireland, including the Financial Regulator, the Department of Finance and the Banking institutions.”

Nexus Phase hearings will run until the middle of September with a total of 64 public hearings planned. It is envisaged that at least 60 witnesses will be called to the public hearings.

Deputy Lynch said: “This phase of our hearings includes a move by the Committee to compelling witnesses and statements and the use of evidence. Under the witness management protocol, there will be a structured witness engagement with a seven week lead-in between the notification and the public hearing. The protocol includes timescales, evidence books and technical briefings.”

The meeting with Richie Boucher will start in Committee Room 1, Leinster House at 9.30am. The meeting with Cormac McCarthy will take place in Committee Room 1 at 2.30pm.

Further information on the Oireachtas Banking Inquiry can be accessed on this website. Full committee proceedings will be webcast live on this website, while Oireachtas TV will broadcast proceedings from 9.30am-1pm.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

All media enquiries in relation to the Oireachtas Banking Inquiry should be addressed to:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

All general enquiries should be directed to the Committee Secretariat.

e. contactbankinquiry@oireachtas.ie
t. +353 1 618 3651

Committee Membership

Deputies

Ciarán Lynch (Chairman)
Pearse Doherty
Joe Higgins
Michael McGrath
Eoghan Murphy
Kieran O’Donnell
John Paul Phelan

Senators

Sean D Barrett
Michael D’Arcy
Marc MacSharry
Susan O’Keeffe