Banking crisis inquiry must offer no immunity to wrongdoers
An investigation into the background to the financial crisis now seems inevitable, but we need to watch the civil servants and government ministers like hawks because they are experts at ensuring that an inquiry's terms of reference protect their own actions from proper scrutiny.
The preferred option for an inquiry is along the lines of the clerical sex abuse investigation that led to the publication of the Murphy report.
It is expected that an expert, or experts, possibly from abroad, will be brought in to study documentary evidence relating to the activities of the major Irish banks in the lead up to the nationalisation of Anglo Irish Bank and the recapitalisation of the other major banks. This would be followed by some sort of commission, which would have full powers to carry out hearings in private.