Former Governors of Bank of Ireland Laurence Crowley and Richard Burrows will appear before the Oireachtas Banking Inquiry as part of its Nexus Phase public hearings tomorrow, Thursday 14th May. The Committee will also hear from former KPMG managing partner Terence O’Rourke.
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.
The schedule for hearings is:
Session 1: 9.30 am – 1.00 pm
Dr Laurence Crowley, former Governor, Bank of Ireland & Richard Burrows, former Governor, Bank of Ireland
Session 2: 2.30 pm – 6.00 pm
Terence O’Rourke, former Managing Partner KPMG & Paul Dobey, Partner KPMG Financial Services
Chairman Ciaran Lynch TD said: “Tomorrow we will resume our hearings with senior bankers who had roles during the crisis when we will hear from former Governors of Bank of Ireland Laurence Crowley and Richard Burrows. Among the issues we will consider with Mr Crowley and Mr Burrows are: the composition, skills and experience of the board and board subcommittees; the quality of the business model setting process; the adequacy of board oversight over internal controls to ensure risk is properly identified, managed and monitored; the appropriateness of property-related lending strategies and risk appetite; the impact of shareholder or lending relationships in promoting independent challenge by the board and/or executives; and the nature and appropriateness of the relationship between the Central Bank, including the Financial Regulator, Department of Finance and the banking institutions. We will also discuss the liquidity versus solvency debate and the appropriateness of the bank guarantee decision with Mr Burrows.
“In the afternoon we will continue our hearings on the role of external auditors to the banks when we will hear from former KPMG managing partner Terence O’Rourke and Paul Dobey, Partner KPMG Financial Services. Among the lines of inquiry we will consider at this session are: the integrity of financial reporting; the appropriateness of property-related lending strategies and risk appetite; capital structure and loss absorption capacity; the liquidity versus solvency debate; and the adequacy of the assessment and communication of both solvency and liquidity risks in the banking institutions and sector.”
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.”
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-10.30am.
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:
Houses of the Oireachtas,
P: +3531 618 3903
F: +3531 618 4551
All general enquiries should be directed to the Committee Secretariat.
t. +353 1 618 3651
Ciarán Lynch (Chairman)
John Paul Phelan
Sean D Barrett