Comments on: Banks’ Inquiry announced

By: A weekly message from Enda! | Stephen Spillane

A weekly message from Enda! | Stephen Spillane — Sat, 30 Jan 2010 13:54:11 +0000

[...] Banks’ Inquiry announced (irishelection.com) [...]

By: Irish Election » Banking inquiry expert named

Irish Election » Banking inquiry expert named — Fri, 29 Jan 2010 17:58:31 +0000

[...] the Minister for Finance has named the expert who will write one of the pre-reports into the banking system inquiry. He is Klaus Regling and his track record seems to be feature the kind of experience one would [...]

By: Irish Election » Abwicklungsanstalt: Germany cleans up an Irish mess

Irish Election » Abwicklungsanstalt: Germany cleans up an Irish mess — Thu, 21 Jan 2010 15:10:14 +0000

[...] Banks’ Inquiry announced [...]

By: dingbat

dingbat — Thu, 21 Jan 2010 09:34:58 +0000

#P O’Neill

The AIG bailout audit is not so transparent as you might believe. Part of its terms have been rendered secret until 2018 by the SEC. I’ve been very surprised there hasn’t been uproar about this across the pond.

http://www.reuters.com/article/idUSN1116982020100111

By: P O'Neill

P O'Neill — Wed, 20 Jan 2010 12:41:29 +0000

One component of their 1st stage is an Irish style Turner report -- which Turner did nearly a year ago for the UK. The lapse in time in getting around to a full diagnostic report is amazing -- and yet they are going ahead with merger of Central Bank and Financial Regulator. Surgery without knowing the disease. And in contrast to the decision to take crisis decisions out of the purview of the inquiry, the US Fed has just agreed to have a full audit of all aspects of the AIG bailout, which is the political equivalent of the bank guarantee in Ireland i.e. the huge commitment that still looks fishy to the general public.

By: Veronica

Veronica — Tue, 19 Jan 2010 22:57:17 +0000

Stephen,

The Commission, as appointed under the Act, will have the power to have hearings in private or in public as it sees fit; something along the lines of the Iraq inquiry (Chilcott) in the UK, which is conducting some of its evidence-taking in public and some in private. The alternative ‘heads on spikes ‘ approach would collapse very quickly for a wide variety of reasons and would end up with no findings of any use and no credibility as an exercise.

Just in case the initial report was no clear, all the Central Bank Governor and the ‘wise person’ are engaged in is an initial ‘scoping’ exercise, basically to discover what the questions, central areas of concern etc. should be for the Commission that follows as the second phase. At the final stage, the Oireacthas Committee will be entitled to have public hearings on the Commission’s findings. Plenty of opportunity there for punbic entertainment at various points along the line!

By: Stephen Dunne

Stephen Dunne — Tue, 19 Jan 2010 21:37:23 +0000

I’m reasonably happy with the proposal. Honohan is, or perhaps like Alan Ahearne, was an impartial voice until he joined the political classes and hopefully will get to the bottom of why the regulatory system failed so miserably in Ireland. Although, what exactly is going to be found out that we don’t already know??
As for the “special person”, I’m less happy with this. The bankers should be forced before a public committee that should be televised like the Iraq invasion investigation happenening in Britain at the moment. I disagree with the people who say this would be hyperbolic and an unneccesary circus act. The least the public deserve is to see Seanie Fitz and Co. explain themselves to us in front of the cameras…and god forbid, apologise. Fat bloody chance.

By: Timeforchange

Timeforchange — Tue, 19 Jan 2010 20:25:44 +0000

I am not happy with this proposal by Fianna Fail at all, it won’t be cost efficient it will take too long there is too much scope to prolong the enquiry, would we ever see the truth or the answers to what went wrong!

We need an open and transparent enquiry that is quick in nature!! Not one that drags on and on and the cost of the tax payers.

We need honesty and action from FF not cloak and daggers and side stepping around the issue!

This is just another fudge with no real action being seen at the end of it!

By: Des Groome

Des Groome — Tue, 19 Jan 2010 19:27:52 +0000

I may be politically naive but I am reasonably satisfied with this plan; it is a staged process which suggests intent of neutrality and discovery.
I think Burton, Noonan and Kenny’s comments are just hyperbolic; although a drawn out public catharsis would be good entertainment it would paralyse politics for too long.
This way we hope the revelations come out in efficient and cost effective fashion when they eventually do come out…
I am interested in reading other more jaundiced views.
I love the idea of a ” wise person” passing judgement on our bankers!
I wonder will he be wise enough to hang around and help fix the mess? Or
will he be like the rest of us post-boom hero-to-zero merchants; will he just be “wise after the event”.