The banking inquiry will conduct its first public hearing in a fortnight after legal concerns prompted the postponement of a planned hearing next week with Central Bank governor Prof Patrick Honohan.
It is understood the committee had made plans to call Prof Honohan as its first witness for questions about his 2010 report into regulatory and financial stability policy in the years before the crash.
However, the governor’s appearance has been delayed after legal advisers told the inquiry that individuals and institutions cited in his report should be asked for their observations on his findings before any public hearing.
Finnish academic
As a result, the inquiry will hear first from the author of a separate report on the banking debacle. Finnish academic and finance expert Peter Nyberg, whose report was completed in 2011, will go the inquiry on December 17th.
The inquiry will hear on December 18th from Rob Wright, the former Canadian secretary general of finance whose report on the Department of Finance was submitted in 2010.
In the meantime, the inquiry will write to people and bodies cited in Prof Honohan’s report asking whether they have anything to say about references made to them before the committee questions the governor.
In a statement, inquiry chairman Ciarán Lynch said the inquiry was on schedule and in full operational mode.
“I understand that people have waited a long time for this inquiry to be established, but it is necessary to understand that this is the first inquiry of its type to take place under new legislation. Therefore, the onus is on us to make sure we get everything right from the start,” Mr Lynch said. “It is critical that the proper preparations are put in place. The committee has a duty and a responsibility to ensure all witnesses are dealt with in a fair and appropriate manner, that the requirements of fair procedure are met and, in doing so, minimise the opportunity for legal challenge.”
The initial hearings will be cast as the “context phase” of the inquiry, gathering information to inform the “nexus phase” of its work. The “context phase” will end in March.
Systems and practices
The “nexus phase”, scheduled to begin in April, will examine banking systems and practices; regulatory and supervisory systems and practices; and crisis management systems and policy responses.
The committee plans to present its final report in November 2015.
“We are at the beginning of a journey of work which I believe is an opportunity to demonstrate that the Irish parliament can hold a fair and balanced inquiry [into] the banking crisis,” said Mr Lynch.
