Banking Inquiry welcomes positive signals from ECB to assist it in its work

22/01/2015

The Oireachtas Banking Inquiry has welcomed positive signals from the European Central Bank that it will co-operate with the Inquiry and assist it in advancing its work.

Committee Chairman Ciaran Lynch has received correspondence from An Taoiseach Enda Kenny following meetings he has had with Mario Draghi, current President of the ECB, and Jean-Claud Trichet, former President of the ECB.

While former ECB President Mr Trichet has been advised that it isn’t legally possible for him to go before a national parliamentary commission, he has indicated a number of options where he could assist the Committee in its work. These include his availability to have a meeting in Brussels under the auspices of the European Parliament at which Irish MEPs could ask any relevant questions. Alternatively, he has suggested that he could be invited by an appropriate Irish institution or third party to Dublin which would allow an opportunity to respond to relevant questions.

Chairman Ciaran Lynch TD: “The Committee would like to thank the Taoiseach for his assistance to the Committee. We are still awaiting a response from the ECB to our own request to assist the inquiry. Nevertheless, this is welcome as it indicates a positive progression from the ECB’s previous position. We welcome this latest move and the positive signals from the ECB to engage and assist the Committee in our work. The Committee must now take on board the content of this correspondence and examine the options presented to see how the ECB can further our work and how we proceed with the inquiry. I have always said that this is not about individuals or personalities but about the information that the ECB would make available to the Committee to assist us in our work. What we are seeking is a methodology with the ECB which gives the Committee information to clarify the positions that the Institution took during Ireland’s banking crisis in order to provide the Irish public with the fullest picture.

“Many pieces of the jigsaw of the financial crisis remain to be put in place, for example, the two years and two month period between the time of the guarantee up to the entry into the bailout programme and what engagement or role the ECB had with the Irish State during this time.”

Access the letter here: http://bit.ly/1E5BqTO

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

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