10 Samh 2011, 16:20
The Committee of Public Accounts at its meeting today (10th November) agreed to draw up proposals to hold an investigation into the banking crisis, starting with the Bank Guarantee of September 2008.
The Committee agreed this decision in view of the defeat of the Constitutional Referendum which would have given powers of inquiry to Oireachtas Committees.
Following on from the referendum decision, the Committee had no choice but to review what could be done within the existing powers of the PAC, according to John McGuinness TD, Chairman of the Committee
Deputy McGuinness said: “The outcome of the Referendum was a game changer. Rather than just walk away from holding those responsible for administering financial institutions to the point where they have had to be given life support, the PAC agreed to examine how it could conduct such an inquiry while at the same time respecting the Constitutional provisions as outlined in the Abbeylara judgement.
“Our legal advice is that the Abbeylara judgement recognised that the PAC could continue to examine issues and could make findings showing culpability, for instance for waste of public money. We want to establish whether that capacity to make findings, together with the fact that the PAC has greater powers than other Committees, can be used to hold to account those responsible for almost bankrupting this State.
“We are at a preliminary stage in dealing with this matter and, in the next week, the Committee will write to the Minister for Public Expenditure and Reform with definitive proposals. Any inquiry is likely to require new legislation granting extra powers to the Comptroller and Auditor General to investigate the banks in the same way as happened in the DIRT inquiry.”
Ends
For further information please contact:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
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Dublin 2
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Committee of Public Accounts
Membership
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Paschal Donohoe,
Anne Ferris,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Michael McGrath,
Eoghan Murphy,
Derek Nolan,
Shane Ross