Monday 29 December 2014

Lawyers warn members of bank inquiry of legal pitfalls to be avoided

Published 19/06/2014 | 14:34

Leinster House
Leinster House lawn

LAWYERS today warned the members of the Oireachtas bank inquiry of the legal pitfalls which must be avoided in the coming months to keep their investigation on track.

The TDs and senators investigating the 2008 bank collapse, which cost taxpayers €64bn, have concluded a four-hour meeting today which formally opened their parliamentary inquiry.

The 11-member committee has agreed to meet again next Wednesday and on a weekly-basis for the foreseeable future.

They also agreed to begin the process of framing terms of reference, a process which will be informed by legal advisers working at Leinster House.

A source close to the process described this first meeting as largely devoted to “house-keeping and other issues involved in setting up the inquiry”.

It is hoped the terms of reference will be agreed by the Dail and Seanad before the Dail recess in late July and evidence gathering will start in the autumn.

Members say they are in uncharted waters as this is the first such inquiry being held under special legislation put into law in the autumn of last year.

Committee chairman, Cork Labour TD Ciaran Lynch, said a full statement will be issued later this afternoon.

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