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Liam O’Reilly and Brian Patterson to appear before Banking Inquiry


The Oireachtas Banking Inquiry will hear from Liam O’Reilly and Brian Patterson as part of its Nexus Phase hearings on the role of the Central Bank and Financial Regulator tomorrow, Thursday, 11th June 2015.

The schedule for the meeting is:

Session 1: 9.30 am – 1.00 pm

Liam O’Reilly, former CEO, Irish Financial Services Regulatory Authority

Session 2: 2.30 pm – 6.00 pm

Brian Patterson, former Chairman, Irish Financial Services Regulatory Authority

Chairman Ciaran Lynch TD said: “Tomorrow we continue our hearings with key figures from the Central Bank of Ireland and the Financial Regulator who had key roles in the Crisis period when we will hear from Liam O’Reilly, former CEO at the Financial Regulator.

“Liam O’Reilly was Assistant Director General of the Central Bank of Ireland from 1998, and had been responsible for all of the Central Bank’s financial supervision functions. He was appointed Interim Chief Executive at the Financial regulator in November 2002, becoming Chief Executive in May 2003 until he retired in January 2006.

“The Committee will also hear from Brian Patterson, former Chairman, Irish Financial Services Regulatory Authority. Brian Patterson was Interim Chairman IFSRA from Nov 2002 to April 2003. He became Chairman of the Financial Regulator in May 2003, a position he held until April 2008. He was also a Member of Board of CBFSAI from May 2003 to April 2008

“Among the lines of inquiry we will consider with Mr O’Reilly relating to his role as Chief Executive of the Financial Regulator from November 2002 to January 2006 and with Mr Patterson relating to his role as Chairman, Financial Regulator from May 2003 to May 2008 are: the appropriateness of the regulatory regime; the effectiveness and appropriateness of the supervision policy and powers; the appropriateness of the macro-economic and prudential policy; the composition, skills, experience and number of resources at the Central Bank, Financial Regulator and Department of Finance; and the effectiveness of the use of supervisory powers.

“They will also be asked to give evidence on: the nature and effectiveness of the operational implementation of the macro-economic and prudential policy; the adequacy of the assessment and communication of both solvency and liquidity risks in the banking institutions and sector; the awareness and clarity of roles and accountability amongst the regulatory and supervisory institutions of the state; the nature and appropriateness of the relationship between the Central Bank including the Financial Regulator, the Department of Finance and the banking institutions, the effectiveness of the communication between the Central Bank and the Department of Finance; the appropriateness of the expert advice sought, quality of analysis of the advice and how effectively this advice was used; and the impact of the reliance placed upon information and reporting from statutory auditors of the banks.”

“Among a number of issues the Committee may specifically address with Mr O’Reilly are: an analysis and consideration of the response to contrarian views, both internal and external; the adequacy and impact of international organisations’ oversight on banking regulation and supervision activity; the composition, skills and experience of the board and board sub committees; the integrity of financial reporting; the appropriateness of property-related lending strategies and risk appetite; the appropriateness of credit policies, delegated authorities and exception management; the appropriateness of funding sources, including the mix, maturity profile and cost; an analysis of liquidity risks under adverse scenarios; the interest rate risk appetite setting and monitoring; and the capital structure and loss absorption capacity.”

Further information on the Oireachtas Banking Inquiry can be accessed on this website.

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
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All general enquiries should be directed to the Committee Secretariat.

t. +353 1 618 3651

Committee Membership


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


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