Yet another fine mess….Politicians, sworn inquiries and tribunals of investigation have produced so many unsound reports and findings that were subsequently ignored that one wonders at their persistence. Yet those mechanisms are the only way to examine faulty public administration and private corruption in a society where white-collar crime is largely ignored and the courts are used as a bulwark of privilege. Public hearings offer voters a ventilation of causes, denials and effect, rather than follow-up prosecutions, but are valuable for that service alone.
The possibility that the Oireachtas banking inquiry may not produce a final report because of time constraints and a looming general election have made headlines. Committee members from all parties rejected a draft report prepared by their investigation team last week as disjointed, lacking focus and “not fit for purpose”. A thousand amendments were tabled and two of its members have been asked to produce a revised report. Progress will be reviewed today. While members may have conflicting political agendas, they share a common determination not to appear incompetent in advance of an election.
The political reality, however, is that time has moved on and the public’s interest in events leading up to the banking collapse has been sated. Minds have been made up. The Government’s motivation in establishing the inquiry was innately political; its report intended as a curtain raiser for the election. Earlier reports from Nyberg and Honohan blamed bank boards, managers, auditors and governments for the crash. But this exercise was designed to address the roles played by government ministers, the Financial Regulator, the Central Bank and others leading to the banking guarantee.
A deadline of January 20th has been set for publication and persons mentioned in preliminary findings will have 14 days in which to respond. The timeframe is tight and the prospect of an agreed report is fading. In election terms it may not matter. As the economy grows, voters are looking to the future rather than the past.