Thursday 14 December 2017

Patrick Honohan to be summoned to PAC over Newbridge

Central Bank governor Patrick Honohan at Leinster House to attend an Oireachtas Committee meeting
Central Bank governor Patrick Honohan at Leinster House to attend an Oireachtas Committee meeting
Daniel McConnell

Daniel McConnell

CENTRAL Bank Governor Patrick Honohan is to be summonsed to appear before the Public Accounts Committee within seven days to explain its role in the Newbridge Credit Union crisis.

At its meeting this morning, Deputy Shane Ross raised the issue of the €54m taxpayer bailout of the credit union, which was taken over by Permanent TSB on Sunday night.

Mr Ross called on the committee to seek Prof Honohan and new "invisible" Financial Regulator Cyril Roux to come before them within seven days to explain what happened.

"Let's make him visible and call them in," Mr Ross said.

The PAC normally does not deal with policy matters, but committee members unanimously agreed that given the "widespread public concern" over what happened at the weekend, that it was proper the officials be called in.

"If we are to be relevant, we must be seen to respond to such issues of real public concern," Mr Ross added.

PAC chairman John McGuinness said the clerk of the committee will now write to the Governor and the Regulator today.

 

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