Details of inquiry into Irish banking collapse published

The Government has published an amended Private Members’ Motion by Labour on a banking inquiry. Essentially, it outlines how such an enquiry would function.

Labour Private Members’ Motion on banking inquiry and Government amendents

The main reading is from “To delete all the words after “Dáil Éireann” and substitute the following:…” on page two, onwards.

My brief summary upon one reading, updated as I re-read and read elsewhere: the Government proposes to establish a commission of investigation (similar in structure to the Commission into child sex abuse) after two reports are submitted by the Central Bank upon which the Commission’s investigation will be based. Therefore the quality and depth (or lack thereof) of the reports from the Central Bank will be hugely important to the quality, depth and findings of the Commission.

The reports will be submitted no later than May 31 2010. Pretty early if one wants in-depth reports.

The commission will be established no later than June 30.

It will only cover the period up to September 2008. Why?

Commissions of Investigation sit in private, bar in especially exceptional circumstances. It is therefore extremely likely the banking inquiry will sit in private due to the sensitive nature of its operations politically. They do have the power to compell witnesses.

It will be chaired by an ‘internationally respected independent expert’. Interesting, who? Respected by who? With a background in which sides of the banking industry? And from where, and what is their background?

It will lay its findings before the Houses of the Oireachtas no more than six months after it is established. This won’t happen.