Blaney welcomes framework for an inquiry into the banking crisis
Donegal North East Fianna Fail TD, Niall Blaney has welcomed the news that the Government has today agreed a comprehensive framework for an inquiry into the banking crisis. 19/01/10This enquiry is necessary if we to learn the lessons of what went wrong with our banks and how we can ensure that the same mistakes are never made again. It is important if confidence is to be restored in the banking system.”
“As part of this inquiry the Government has agreed that the Governor of the Central Bank will report to the Minister for Finance on the performance and functions of the Central Bank and the Financial Regulator up to September 2008.”
“An independent person, yet to be decided, will conduct a preliminary investigation into the background and causes of the recent banking crisis and what lessons can be learned. The impact of international events will also be considered.”
“An appropriate Oireachtas Committee will meet the Governor and the independent expert at the outset of their work and will be briefed on the Oireachtas’ priorities for the investigation.”
“It is hoped that both reports will be completed by the 31st of May 2010 after which they will be considered by the Government, the Houses of the Oireachtas and an appropriate Oireachtas Committee who will consider the findings of the reports.”
“Following the completion of the reports an independent statutory Commission of Investigation is to be established by the 30th of June 2010 chaired by an expert to examine and report on the causes of the crisis.”
“The terms of reference for the Commission of Investigation will be informed by this report following consultation with the Oireachtas. The Commission’s report will be completed within six months and be laid before the Oireachtas for further consideration and action by an appropriate Oireachtas Committee.”
“I am pleased that this inquiry will be so speedy and has very definite timeframes laid out which will ensure best value for money for the taxpayer. We experienced the worst financial crisis in the history of the State and the public deserve to know exactly how it happened and how we will safeguard against it happening again. It is vital that we restore domestic and international confidence in our banking system if our economy is to fully recover,” concluded Niall Blaney TD.
