Statement by Ciaran Lynch, Chairman of the Oireachtas Banking Inquiry

Chairman Designate Ciaran Lynch TD said that this will be an opportunity for the Houses of the Oireachtas to demonstrate that the parliament can carry out a fair and balanced inquiry that will answer the key questions that remain behind the banking crisis that has impacted heavily on Ireland and the Irish people.

Deputy Lynch said: “The Irish people have waited a long time for this inquiry to be established. Today is just the first step. A lot of work remains: First of all, the Committee must now draft an Inquiry proposal and terms of reference and develop an inquiry plan. It is then a matter for the Committee on Procedure and Privileges and the Houses to approve the Inquiry proposal and confirm the Committee membership. The Committee will also have to identify financial and legal requirements.

Today, we are at the beginning of a process, not the end, and while an inquiry has been long in coming, I would urge people to be patient as we prepare for the public part of that inquiry.

This is the first time that an inquiry of this type will be carried out under the legislation Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013 and it is an opportunity for our parliament to demonstrate that it can carry out a fair and balanced inquiry to answer the key questions that remain behind the banking crisis.

It is crucial that the inquiry should be understandable in what it will set out to achieve and measureable in its objectives and terms of reference. A key element is that the inquiry should be conducted in an open and transparent manner. It is incumbent on us all to ensure that this parliamentary inquiry is communicated as widely as possible using the many public information services such as Oireachtas TV, a dedicated parliamentary inquiry website, webcasting and social media. The benefit in doing so is that it allows for a first-hand account by people involved in one of the major events in the history of the State and allows the people of Ireland to see and hear those people called on to give their evidence in public.

The inquiry must have clearly set out timetables and timeframes and it must not just look to the past, but must examine how our current systems are operating and ensure that we have a financial services infrastructure along with oversight institutions that are robust and fit for purpose into the future. This will ensure that the crisis is not revisited.

It is necessary that we approach this inquiry with open minds. Nobody has the monopoly on wisdom and no one should pre-judge the outcome of this inquiry. This inquiry is an opportunity to demonstrate an example of parliament at its best. It is an opportunity to leave our club jersey at the committee room door and do an important job of work on behalf of the Irish people.”

Ends

Note to the editor:

All media enquiries in relation to the Oireachtas Banking Inquiry should be addressed to:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551