The Oireachtas Banking Inquiry will continue its hearings tomorrow when it will meet with Bertie Ahern, Paul Gallagher, P\u00e1draig \u00d3 R\u00edord\u00e1in & Eugene McCague tomorrow, Thursday, 16th July.<\/p>\n
The schedule for the meeting in Committee Room 1, Leinster House is:<\/p>\n
Session 1: 9.30 a.m. \u2013 11.15 a.m.<\/strong><\/p>\n Paul Gallagher, former Attorney General<\/em><\/p>\n Session 2: 11.30 a.m. \u2013 1.15 p.m.<\/strong><\/p>\n P\u00e1draig \u00d3 R\u00edord\u00e1in & Eugene McCague \u2013 Arthur Cox, legal advisors to the Dept. of Finance<\/em><\/p>\n Session 3: 2.30 p.m. \u2013 6 p.m.<\/strong><\/p>\n Bertie Ahern, former Taoiseach<\/em><\/p>\n Chairman Ciaran Lynch TD said: \u201cAt our first session tomorrow morning\u2019s sessions, we will focus on the legal advice given to the Government during the Crisis period. At our first session we will hear from former Attorney General, Paul Gallagher.<\/p>\n \u201cPaul Gallagher was Attorney General of Ireland during the period from 2007 to 2011. Mr. Gallagher\u2019s appearance here tomorrow has been facilitated by a decision of the government to waive legal privilege in respect of his oral evidence to this Inquiry, having regard to the exceptional circumstances of the financial crisis and the important mandate of this Committee to inquire into the financial crisis.<\/p>\n \u201cAmong the lines of inquiry the Committee will address with Mr Gallagher are: the role of advisors in analysing the crisis, including crisis management options; 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; and the establishment, operation and effectiveness of NAMA.<\/p>\n \u201cMr Gallagher will also be questioned on: the decision to recapitalise Anglo, AIB, Bank of Ireland, EBS, Permanent TSB and the alternatives available and\/or considered; the Credit Institutions Stabilisation Act (2010) and the effectiveness of the actions to merge AIB and EBS, Anglo and INBS and deposit transfers; and the EU\/ IMF\/ECB programme of assistance.<\/p>\n \u201cHe will also be asked to give evidence on: the liquidation of Irish Banking Resolution Company, the promissory notes refinancing and the relationships with the ECB; options for burden sharing during the period 2008-2013; the role of the euro zone and international partners in this decision; the appropriateness of the regulatory regime; the appropriateness of the expert advice sought, quality of analysis of the advice and how effectively this advice was used; an analysis and consideration of the response to contrarian views, both internal and external; and the appropriateness of the advice from the Department of Finance to Government and the use thereof by Government. \u201cP\u00e1draig \u00d3 R\u00edord\u00e1in was Managing Partner of Arthur Cox from 2003 to 2011.He led the Arthur Cox team which advised the Irish Government on the Irish banking crisis. Eugene McCague is a partner with Arthur Cox since 1988. He served as Managing Partner from 1999 to 2003 and served as Chairman of the Board of Arthur Cox from 2006 to 2013. The appearance of the witnesses appearance has been facilitated by a decision of the government to waive legal privilege in respect of their oral evidence to this Inquiry.<\/p>\n \u201cEugene McCague and P\u00e1draig \u00d3 R\u00edord\u00e1in will both be asked to give evidence on the appropriateness of the bank guarantee decision; while Mr \u00d3 R\u00edord\u00e1in will be questioned on: the role of advisors in analysing the crisis, including crisis management options; 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; and the establishment, operation and effectiveness of National Asset Management Agency (NAMA)<\/p>\n \u201cOther lines of inquiry include: the decision to recapitalise Anglo, AIB, Bank of Ireland, EBS, Permanent TSB, and the alternatives available and\/or considered; the Credit Institutions Stabilisation Act (2010) and the effectiveness of the actions to merge AIB and EBS, Anglo and INBS and deposit transfers; and the EU\/ IMF\/ECB programme of assistance; the liquidation of Irish Banking Resolution Company, the promissory notes refinancing and the relationships with the ECB; options for burden sharing during the period 2008-2013; the role of the euro zone and international partners in this decision; the appropriateness of the regulatory regime; the appropriateness of the expert advice sought, quality of analysis of the advice and how effectively this advice was used; an analysis and consideration of the response to contrarian views, both internal and external; and the appropriateness of the advice from the Department of Finance to Government and the use thereof by Government<\/p>\n \u201cIn the afternoon we will continue our hearings with senior members of the Government who had key roles during the Crisis period when we will hear from former Taoiseach Bertie Ahern. Bertie Ahern was a TD from 1977 until February 2011. He held several senior positions in government including that of Minister for Finance. He succeeded John Bruton as Taoiseach in June 1997 and continued to serve as Taoiseach until his resignation in May 2008.<\/p>\n \u201cMr Ahern will be questioned on: the nature and effectiveness of the operational implementation of the macro-economic and prudential policy; the appropriateness of the expert advice sought, quality of analysis of the advice and how effectively this advice was used; an analysis and consideration of the response to contrarian views, both internal and external; the effectiveness of the Oireachtas in scrutinising public policy on the banking sector and the economy; and the appropriateness of the advice from the Department of Finance to Government and the use thereof by Government.<\/p>\n \u201cOther issues of interest include: an analysis of the key drivers for budget policy; the appropriateness of the relationships between Government, the Oireachtas, the banking sector and the property sector; the formulation and reaction to crisis simulation exercises; the role, responsibilities and objectives of the Domestic Standing Group; and the adequacy of the DSG process, including a consideration of the bank resolution legislation.\u201d<\/p>\n The Oireachtas Banking Inquiry has also published its second quarterly update on activity and expenditure.<\/p>\n Committee Chairman Ciar\u00e1n Lynch said: \u201cA key element for the Committee is that this inquiry will be conducted in an open and transparent manner. This not only relates to how the inquiry can be accessed and viewed by the public, but also in relation to how we conduct our business and monitor the running costs incurred by the Committee. We are committed to ensuring that the costs will be kept to a minimum.\u201d<\/p>\n
\n\u201cAt our second session tomorrow, we will focus again on the legal advice given to the Government during the Crisis period when we will hear from two witnesses from the Arthur Cox law firm, P\u00e1draig \u00d3 R\u00edord\u00e1in and Eugene McCague.<\/p>\n