Stephen Kinsella: What a bank-collapse inquiry must uncover in order to heal our psyche
AN inquiry into the circumstances surrounding the 2008 banking guarantee is to be held. Judging by the previous inquiries we've had, I wouldn't expect too much in the way of actual action against those directly involved, though previous inquiries (Moriarty, Morris, and Mahon being prime examples) have produced lots of paper and generous lawyers' fees as less than useful by-products.
What should the scope of this inquiry be? What should be asked of the people likely to be involved in such an inquiry? And what gain, today, will there be from the findings of any inquiry?
First we should understand that the Government intends to alter the nature of how inquiries are conducted in Ireland. The present system was reviewed in 2003 and 2005 by the Law Reform Commission, which reported on the extremely slow and costly nature of some inquiries, and proposed a series of reforms the Government is likely to enact in any change.