1 Noll 2011, 12:55
The Committee of Public Accounts at its meeting today (1st December) agreed in principle to conduct an inquiry into the financial market collapse.
Following legal advice, it has been established that the Committee has the power to carry out an investigation into the financial market collapse and can examine and report on the actions of specified public bodies such as the Financial Regulator, the Central Bank and the Department of Finance.
The Committee will now draw up terms of reference for an inquiry which will establish the facts behind the collapse that led to the banking crisis but cannot make findings. That report will then be presented to the Dáil for debate.
Chairman of the Committee John Mc Guinness, TD said: “This is a very welcome decision by the Committee. However, we are at a very preliminary stage in dealing with this matter and any inquiry will have to follow a strict and rigid framework and specific terms of reference. So our next step is to draw up terms of reference and have them legally stress-tested and it is only at this stage that the PAC will be in a position to decide whether to proceed with an inquiry.
Specifically the Committee will report on the facts and detail the chain of events that led to our financial market collapse and resulted in huge costs on the exchequer. It will not examine policy and will not make findings. However, by conducting an investigation and taking evidence in public, the inquiry will provide an important function in bringing clarity to other reports and commentary on the banking crisis and will put the information on public record. As well as being presented to the Dáil, the inquiry could form the foundation of any other report that may be conducted into the banking collapse.”
For further information please contact:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
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,
Sean Fleming,
Eoghan Murphy,
Derek Nolan,
Shane Ross