Business Irish

Thursday 28 August 2014

Brendan Howlin: Inquiry into €64bn banking collapse imminent

John Downing

Published 30/04/2014 | 12:53

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Brendan Howlin,TD the Minister for Public expenditure at  the  news conference held in  the Department of Finance following the final  review  of the bailout by the  Troika  yesterday.Pic Tom Burke 7/11/13
Brendan Howlin,TD, the Minister for Public expenditure. Photo: Tom Burke

A DAIL inquiry into the banking collapse which cost taxpayers €64bn will start work soon, Public Expenditure Minister Brendan Howlin has said.

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Mr Howlin said TDs and Senators had already done a huge amount of preparation for the parliamentary inquiry which it is hoped can begin work before the end of summer.

The Minister, who pushed the Oireachtas Inquiries Act last year to facilitate the TDs’ inquiry, said the people are entitled to know what happened to cause the banking system collapse in autumn 2008.

Mr Howlin said not all the people concerned were still in the country but those still within the jurisdiction must cooperate fully.

Earlier, the a former senior boss with the International Monetary Fund, Donal Donovan, said an inquiry must be set up to call people involved in the banking crisis to account for themselves.

Preparations are advanced at Leinster House for setting up the new committee of inquiry.  Politicians hope it can follow the example of the 1999 bank DIRT tax inquiry which was extremely successful.

The Cabinet has agreed to establish the long awaited banking inquiry "with immediate effect".

The Taoiseach and Tanaiste brought a joint memo on behalf of the parties and it has been confirmed that Cork Labour TD, Ciaran Lynch, the current chairman of the Oireachtas committee, will oversee it.

 

 

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