Inquiries legislation will allow for full banking inquiry – Coghlan

Fine Gael Kerry Senator and Seanad Chief Whip, Paul Coghlan, has said that tight terms of reference should be set down for any new banking inquiry. Speaking in the Seanad yesterday, Senator Coghlan said that legislation due to be passed through the Oireachtas before the summer recess would allow for such an inquiry to be established.

“The public has been incensed by the contents of the Anglo tapes, as revealed in the Irish Independent this week. The arrogance, disrespect and frivolity with which Anglo executives treated public money is truly sickening.

“In the midst of the anger and the deep frustration felt by the Irish public, it is vital that we get answers. We need to establish exactly what happened in the run up to the bank guarantee. It is a matter of public importance that a light is shed on the events that led to such a catastrophic decision being made.

“A number of criminal investigations are underway, and I understand charges are being brought against three individuals regarding alleged illegal conduct at Anglo Irish Bank. I understand the public’s frustration at the amount of time this is taking, but this is one of the most complex investigations in the history of the State, and it is important that it is conducted properly.

“Since it came to office, this Government has been determined to get to the bottom of the events that led to the collapse of our banking system. The Programme for Government included a commitment to hold a referendum on establishing more powerful Oireachtas Inquiries. However, this referendum was rejected. The Government took stock of the public’s decision, and drafted legislation that would allow for an inquiry to be held within the confines of the Constitution. This legislation is due to be in place by the summer recess and the Taoiseach has indicated that an inquiry will be set up in the autumn.

“Any parliamentary enquiry will, of course, be conducted parallel to the on-going Garda investigation. Through the public forum of a parliamentary inquiry, and the legal structures of our courts system, we must get to the bottom of what happened and hold those responsible accountable.”

ENDS