Banking inquiry report will not give view on operation of Nama

The final report of the Oireachtas banking inquiry will not make a judgment on the operations of the National Asset Management Agency (Nama).

The cross-party committee, which was tasked with investigating the causes of the banking crisis, will launch its findings tomorrow.

The report is highly critical of the Central Bank, the financial regulator, the European Central Bank and the Fianna Fáil-led government.

However, it will not make a ruling on the work of Nama and whether the agency has fulfilled its mandate.

A chapter within the report is dedicated to Nama, its operations and the criticism by developers who worked with it.

The final report is expected to say it is too early to make a judgment on whether Nama has been successful because it is still in existence.

The report will recommend a series of changes to the legislation that governed the committee’s work.

It is expected to address a series of anomalies identified in the Oireachtas inquiries legislation and will request they be addressed by a future government.

Collapse

The committee is also to seek legislative support preventing a collapse of an inquiry in the event of a general election.

The current Oireachtas inquiries legislation does not allow for the preservation of work if an election is called.

Another proposal is for any future inquiry to be given up to two years to complete its task.

Up to 40 recommendations have been made, including making the advice of a minister for finance to the cabinet accessible through Freedom of Information legislation.

It also proposes a system be set up to allow for a clawback of bonuses and remuneration for bank employees and for all those appointed to bank boards to take training courses in risk assessment.

The inquiry will release its report tomorrow but two members – Pearse Doherty and Joe Higgins – have confirmed they will not sign off on it.

Mr Higgins will launch his own 120-page report tomorrow based on the evidence given to the committee.

He said his minority report would differ significantly from the official one issued by the banking inquiry.

Mainstream

He said: “That report will be the majority view. Most of the other members are from the mainstream political parties and that was always going to be reflected in the analysis brought to bear.

“The mainstream political parties would accept as normal practice some of the activity in the financial and the property markets.

“I would differ in my analysis and my approach to the financial markets.”