Friday 20 April 2018

Watchdog to grill Central Bank chief

Daniel McConnell

Daniel McConnell

CENTRAL Bank governor Patrick Honohan is to be summoned to appear before the Public Accounts Committee (PAC) within seven days to explain its role in the Newbridge Credit Union crisis.

At the PAC meeting yesterday, Independent TD Shane Ross raised the issue of the €54m taxpayer bailout of the credit union, which was taken over by Permanent TSB.

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

Mr Ross and other committee members said there have been three "extremely high-profile events" in recent weeks that had required the intervention of the Central Bank.

Fine Gael TD Kieran O'Donnell said the officials must come in with a view to examine the cost to the State and ensuring the taxpayer is getting proper value for money.

Irish Independent

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