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Update On The Banking Inquiry

AUTHOR(S): Bríd Munnelly, Carina Lawlor, Michael Byrne
PRACTICE AREA GROUP: Regulatory and Investigations
DATE: 05.06.2015

By way of update on the Banking Inquiry, the “Context Phase” of the Inquiry is complete (read our Context Phase article from December 2014), and the Inquiry is currently in its “Nexus Phase”. The Context Phase established the broad context of the Inquiry and set out the background to the banking crisis by way of technical briefings.

The Nexus Phase is focused on questioning key witnesses on the main issues identified in the terms of reference and the Context Phase, and runs until September 2015. The Inquiry Committee intends to present its final report in November 2015.

Notably, the Banking Inquiry has the power to compel the attendance of witnesses during this phase. Significant figures called to give evidence include key figures from the National Asset Management Agency and major banks and accounting practices.  The former President of the European Central Bank, Jean-Claude Trichet, recently spoke at a conference organised by the Institute of International and European Affairs. This conference served as a stand-in for members of the Oireachtas Banking Inquiry to engage with Mr Trichet about any role the ECB played in the Irish financial crisis.  In addition, it has recently been reported that Taoiseach Enda Kenny and former Taoiseach Bertie Ahern will appear before the Inquiry. 

We will keep you updated as the Banking Inquiry progresses.

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