The Oireachtas Banking Inquiry will hear from Tom Considine and David Doyle as part of its Nexus Phase hearings on the role of the Central Bank and Financial Regulator tomorrow, Wednesday 17th June 2015.
The schedule for the meeting in Committee Room 1, Leinster House is:
Session 1: 9.30 am – 1 pm
Tom Considine, former Secretary-General, Department of Finance
Session 2: 2.30 pm – 6 pm
David Doyle, former Secretary-General, Department of Finance
Chairman Ciaran Lynch TD said: “Tomorrow we begin a series of hearings with senior officials from the Department of Finance who had key roles during the Crisis period. At tomorrow morning’s session we will hear from Tom Considine, former Secretary-General, Department of Finance. Tom Considine joined the Department of Finance in 1974. He was Secretary General of the Public Service Management and Development Section of the Department of Finance from 2000 until 2002. Mr Considine succeeded John Hurley as Secretary General of the Department of Finance in March 2002, a position he held until his retirement in June 2006.
“In the afternoon we will hear from David Doyle, former Secretary-General, Department of Finance. David Doyle joined the Department of Finance in 1975. He was Second Secretary in the Public Expenditure Division from early 2001 to June 2006, when he succeeded Tom Considine as Secretary General. He retired in January 2010.
“Among the lines of inquiry that the Committee will address with both Mr Considine and Mr Doyle relating to their roles in the Department of Finance are: the appropriateness of the regulatory regime; the effectiveness and appropriateness of the supervision policy and powers; the nature and effectiveness of the operational implementation of the macro-economic and prudential polic; and the adequacy of the assessment and communication of both solvency and liquidity risks in the banking institutions and sector.
“They will also be asked to give evidence on: 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.
“Other lines of inquiry include: an analysis and consideration of the response to contrarian views, both internal and external; the appropriateness of the advice from the Department of Finance to Government and the use thereof by Government; an analysis of the key drivers for budget policy; and the appropriateness of the relationships between Government, the Oireachtas, the banking sector and the property sector.
“Among a number of issues the Committee may specifically address with Mr Doyle are: the role of advisors in analysing the crisis; the liquidity versus solvency debate; an appraisal of the conditions prior to increasing the Deposit Guarantee Scheme; the appropriateness of the bank guarantee decision; the decision to nationalise Anglo in 2009 and a review of the alternatives available and/or considered; the establishment, operation and effectiveness of National Asset Management Agency; the role and influence of the ECB; and the options for burden sharing during the period 2008-2013.”
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Ciarán Lynch (Chairman)
John Paul Phelan
Sean D Barrett