Politicians due to appear at next phase of Irish banking inquiry

Banks, regulators, auditors and former politicians will begin appearing before the Oireachtas banking inquiry from April 21st, when the committee begins the next phase of its hearings.

It is understood the National Asset Management Agency has been pencilled in as the first to appear in this part of the inquiry. The draft plan for this “nexus” phase also involves each bank appearing for just one day of hearings.

This element could change as some members are believed to want more time with the banks, given their role in the financial crash. Members have been told it might not be possible to hear from those connected with Anglo Irish Bank due to legal proceedings relating to its collapse.

Institutions earmarked

While a number of institutions and companies have been earmarked to appear in the next phase, the committee has yet to draw up a list of the individuals it wants at the hearings.

It is understood that some 49 sittings have been scheduled from April to September. There will be no hearings in August to allow for holidays.

The inquiry began its work in December with the so-called context phase, which is designed to set the scene for the committee on the events that led to the crash in 2008 and the Government’s decision to introduce a bank guarantee.

Bank bailout

The nexus phase will hear evidence from many involved in making the decisions that framed the €64 billion bailout of the domestic banks.

It has emerged the International Monetary Fund and the OECD could assist the inquiry in its work, although it is not clear if representatives from either will attend hearings. “While no formal decision has been made by the IMF, it has offered to assist the committee in providing relevant public documentation, while the OECD has also indicated that it looks forward to opportunities for co-operation with the Oireachtas,” a spokesman for the inquiry said. “The key issue for the inquiry is the ability to obtain relevant information and documentation that may assist in its work and [it] looks forward to positive engagement with both.”

Inquiry chairman Ciarán Lynch of Labour said it would not be “publishing or announcing the meeting schedule until the list has been finalised and potential witnesses have been contacted”.