Terence Flanagan
Question:77. Deputy Terence Flanagan asked the Minister for Finance his views on an article (details supplied); and if he will make a statement on the matter. [40828/14]
View answerThursday, 23 October 2014
Questions (77)
Written answers
A decision was taken by this House on the 7th of May to establish a Joint Committee to prepare a proposal for an inquiry relating to the banking crisis to be conducted in accordance with the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013.
That Committee met a number of times across the summer before submitting a proposal to the Committees on Procedure and Privileges (CPP) of Dáil Éireann and Seanad Éireann on the 26th of September and that proposal is currently being considered by the CPPs of both Houses.
The proposal states that the subject matter of the inquiry shall be to inquire into the reasons Ireland experienced a systemic banking crisis, including the political, economic, social, cultural, financial and behavioural factors and policies which impacted on or contributed to the crisis, by investigating relevant matters relating to banking systems and practices, regulatory and supervisory systems and practices, crisis management systems, and policy responses and the preventative reforms implemented in the wake of the crisis.
The Committee is proposing to inquire into these matters during the period between the beginning of 1992 (based on the effective implementation date of Basel I), and the end of 2013.
It is clear that the Oireachtas has determined that the Banking Inquiry is the appropriate mechanism by which to address the issue. I am confident that the Committee of Inquiry will inquire into its terms of reference thoroughly.
It would not be appropriate for me to comment on the inquiry while it is in progress but my Department and I will co-operate fully with it in its work.