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Shane Ross: They played for time as countdown to catastrophe ticked away

The long-delayed Oireachtas banking inquiry will hit even more problems following the Sunday Independent's shocking revelations in the latest tapes. Matt Moran, the Anglo chief financial officer granted immunity by the Director of Public Prosecutions, features in the latest transcripts. The tapes show him as a key figure in the Anglo hierarchy.

No inquiry would be credible without Mr Moran or other top Anglo executives, immunity or not. They are all central to the narrative. Indeed, the inquiry must call the DPP to explain the decision to grant immunity to Moran. Such immunities, while common in the US, are rare in Ireland. An inquiry without Moran would be incomplete; an inquiry with Moran is certain to be challenged in the courts. The inquiry is already looking like a busted flush. It should have been held in 2009.

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