Oireachtas Banking Inquiry holds inaugural meeting

19/06/2014

The Committee, which has been tasked with preparing a detailed proposal for the banking inquiry, held its first meeting today, Thursday, 19th June, 2014.

Chairman Ciaran Lynch TD: “The Committee held its first meeting today where we took stock of the legal and procedural framework within which we must operate, the administrative and logistical supports which will be available to use and, given the nature of this inquiry, how we deal with public and media interest in our work.

The Committee reached the general agreement that the key principles and attributes of the inquiry would be that:

• the aims of the inquiry should be realistic and achievable
• the inquiry should be capable of completion within a realistic timeframe
• risks and challenges can be dealt with
• it should be cost effective
• it should have a clear purpose
• it has a set of terms, yet be flexible within its focus and scope.

We also agreed that, at next week’s meeting when we have had time to reflect on our key principles and purpose, we have a substantive discussion on the scope of the inquiry, the timeline for the preparation of the proposal and for the completion of the inquiry, and the risks to the inquiry and how these will be managed.

The Committee also agreed to establish a support working group of public servants from key institutions with knowledge and expertise in relation to the banking sector to whom the Committee could delegate the development of more detailed aspects of the proposal once it has decided on the direction it wishes to take, or identify issues which the Committee might wish to pursue as part of the Inquiry. This working group would report regularly to the Committee and provide its final advice in early September.

Today, we received a clear and detailed picture of the legal context in which the inquiry will take place and the Committee agreed in principle to seek the services of legal or banking expertise where it may be required throughout the process.”

Ends

Note to the editor:

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