Banking Inquiry agrees fourth tranche of witnesses, ECB engagement and progress update on activity and costs

16/04/2015

The Oireachtas Banking Inquiry has signed off on the fourth tranche of witnesses for the Nexus Phase of the Inquiry, agreed the process of engagement with the European Central Bank and published its first quarterly update on activity and expenditure.

The Nexus Phase, when the Committee will engage with institutions and individuals who had roles relating to the crisis, will focus 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 says: “The Committee agreed and signed off on the fourth tranche of witnesses for the Nexus Phase of hearings which are scheduled to start next week. This tranche will centre on the Department of Finance. The notification includes the name, role, line of inquiry and proposed date for the hearing.”

“Nexus Phase hearings will run from Wednesday 22nd April until the middle of September with a total of 64 public hearings planned. It is now envisaged that around 60 witnesses will be called to the public hearings during the Nexus Phase.”

“This phase of our hearings will include a move 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 list of persons who have been issued with a Notice of Intention to date can be accessed here.

The Committee also agreed the process of engagement with the ECB which will entail a dual approach of separate but complimentary meetings with former President of the ECB Jean-Claude Trichet and current ECB Deputy President Vítor Constâncio.

Deputy Lynch said: “Mr Trichet will be addressing a meeting of the IIEA in a personal capacity on 30th April. The Committee is now working as to how it can engage with Mr Trichet in an opportunity for us to use this engagement as evidence in our inquiry. Web-casting or live streaming of the event and Q&A session, in addition to a written transcript will also be provided. To ensure that Mr Trichet is provided with as much opportunity as possible to consider the contribution he could make on the day and that this is an informative engagement, we would be willing to discuss in advance the lines of inquiry we intend to take.

“In addition, and separate, to the process the committee has opened up in regard to meeting Mr Trichet, the ECB has agreed to take part in an informal exchange of views with the Oireachtas, I have written to chairman of the Committee on Finance, Public Expenditure and Reform Liam Twomey to ask him to formally invite the current Deputy President of the ECB Vítor Constâncio Constancio to appear before a meeting of that Committee in which Inquiry Members will participate. Again, a key issue for the Inquiry is that this session is conducted in public and a written transcript of the meeting will be provided to the Committee for evidence. This meeting will build on the session with Mr Trichet and other witness oral evidence.”

The Oireachtas Banking Inquiry also published its first quarterly update on activity and expenditure.

Committee Chairman Ciarán Lynch said: “A key element for the Committee is that this inquiry will be conducted in an open and transparent manner. This not only relates to how the inquiry can be accessed and viewed by the public, but also in relation to how we conduct our business and monitor the running costs incurred by the Committee.

“We are committed to ensuring that the costs will be kept to a minimum. In the interests of transparency, the Committee will publish the inquiry running costs on a quarterly basis. Details of the costs incurred and resources required to set up the Inquiry and for the first three months of this year can be accessed on the banking inquiry website.

“This inquiry is an opportunity to demonstrate our parliament and politics at their best, not only in how we carry out our parliamentary duties, but also in how we account for spending. I hope you find this update comprehensive, informative and easy to use in helping you to understand the Committee and its work.”

The report can be accessed here.

Further information on the Oireachtas Banking Inquiry can be accessed on the dedicated website: www.oireachtas.ie/bankinginquiry/

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