Sunday 28 December 2014

Banking inquiry faces a moment of truth

Editorial

Published 02/09/2014 | 02:30

Ciaran Lynch: the banking inquiry chairman
Ciaran Lynch: the banking inquiry chairman

THE end of this month will mark the sixth anniversary of the controversial banking guarantee, in which taxpayers were volunteered to underwrite deposits and liabilities up to a potential €440bn.

It was the beginning of a calamitous period which eventually saddled Irish taxpayers with up to €40bn in bank debts. In the intervening six years, we have had a number of partial and private inquiries into how our bank system fell apart so hopelessly.

But there is still so much that the public, who along with the future generations will pay the price, do not know. A parliamentary inquiry is now preparing to investigate what happened.

After much delay, this inquiry is making progress on charting the way forward under the able chairmanship of Ciaran Lynch of Labour. But time is short, the stakes are high and there is a danger of legal threats delaying or even derailing this important process.

It is crucial that this committee gets some important preparatory decisions right in the coming weeks.

Irish Independent

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