Oireachtas Banking Inquiry formally established

26/11/2014

The Oireachtas Banking Inquiry was today, Wednesday, 26th November 2014 formally empowered to conduct an inquiry under Part 2 of new legislation.

Committee Chairman Ciarán Lynch welcomed the passing of motions in Dáil Éireann yesterday and Seanad Éireann today to formally establish the inquiry.

Deputy Lynch said: “On behalf of the Committee, I would like to welcome the passing of motions in Dáil and Seanad Éireann to empower the banking inquiry committee to conduct an inquiry under Part 2 of the new legislation. Now that the inquiry has been established, the committee will have power to compel written and oral evidence along with being able to publish findings of fact .

“Today is an important day. We are at the beginning of a process, not the end. While significantly preparatory work has been carried out by the Committee and the Secretariat over the past few months, we recognise that there is a huge volume of work ahead of us. But we are ready for that work and the challenges that come with it.

“Today we considered the preparation of a draft plan for the Context Phase of the inquiry. The Context Phase will consist of technical briefings for the Committee in areas such as reviewing existing crisis reports; policy context and early warnings; banking policies, systems and practices; bank regulation, supervision and financial stability monitoring; and other relevant topics such as the role of the ECB, role of the media and the nature, cost and scope of the bank guarantee.

The design of the plan will be finalised before public hearings start in December, with relevant witnesses for the purpose of information-gathering coming before the Committee allowing it to inform the Nexus Phase of the Inquiry which will focus on three broad elements:

· Banking Systems & Practices,
· Regulatory and Supervisory Systems & Practices, and
· Crisis management systems and policy responses.

“A key element is that the inquiry should be conducted in an open and transparent manner. Importantly, it will allow the people of Ireland to see and hear those called on to give their evidence in public. It is necessary that we, the members of the Oireachtas and the public, approach this inquiry with open minds. It is an opportunity to demonstrate an example of parliament at its best.”

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