Governor of Central Bank calls for inquiry into bank crisis

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Governor of Central Bank calls for 9/11-style inquiry into crisis - The Irish Times - Wed, Dec 16, 2009

"Speaking at his first appearance before an Oireachtas committee since being appointed governor in September, Dr Honohan said new models of inquiry involving not just politicians but experts such as economists and social scientists should be explored to understand how the crisis occurred.

“The crisis is not simply a question of discovering who did what and who knew what,” he told the Joint Oireachtas Committee on Economic Regulatory Affairs.

“Understanding the deep roots of the crisis will require expertise and broad scientific understanding more than merely forensic skills.”"

Will the media now get fully behind Honohan's call and keep campaigning until we get the inquiry? Will we get a full scale inquiry of the kind he advocates and will it get to the truth?
 


HanleyS

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That made me vomit a little. We don't need another toothless irrelevant public inquiry. Save the cash for something less wasteful. The FF GE Election campaign / NDP 2012 to 2017 maybe.
 
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That made me vomit a little. We don't need another toothless irrelevant public inquiry. Save the cash for something less wasteful. The FF GE Election campaign / NDP 2012 to 2017 maybe.
It looks like FF will be in power until mid-2012. It would be better to have a good enquiry now - if it is offered - than a perfect one in two and a half years time when all the horses are long bolted. It's been a year and three months since the blanket bank guarantee (which almost brought down the country). The media in general have so far let the government away scot free on the banking collapse. That needs to change.
 

PaddyJoe McGillycuddy

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Certainly we need an enquiry but its terms of reference and the composition of the enquiry team are vitally important. What we don't need is another tribunal which will rumble on for 10 years and cost many millions. A beefed up Public Account Committee with the power to compel witnesses to appear would be a start. Bring in some outside UK or US banking and property experts and give them the authority to go into the main banks and start digging.
Not going to happen of course. There are at least two investigations going on into Anglo which have dragged on for over a year now and have produced nothing whatsoever.
NAMA's primary objective is to protect the secrets of the bankers and developers from the scrutiny of the market.
However a call like this from a new Central Bank chief is going to be difficult to bat away. Interesting to see how Lenihan deals with it. First he will consider it for 3 or 4 months. Then if he goes with it it will take at least 6 months to establish the terms of references; another six to set it up and another six for it produce even the bones of an interim report.
Don't hold your breath!
 

ALAN42

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Yes lets have an inquiry because we do them so well in Ireland . It will be big , span about 5 years and will involve hundreds of witnesses who will have trouble remembering anything at all . The legal people will make a fortune and at some time in the future it will release a report that says that the Irish banks were poorly regulated . Nobody will get punished as the inquiry will have no power to recommend criminal charges .

Somebody will stand up in the Dail and utter the line that is wheeled out when all inquiries publish their reports " It must never happen again "
 

slx

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Why should we have a tribunal into what may possibly involve a whole series of criminal acts, fiduciary, contract, duty of care breeches etc?

Won't this just prejudice any further legal proceedings which may need to be taken, thus prevent criminal prosecutions and possible civil actions?

We need the Garda Fraud Squad to go in, find evidence and send files to the DPP.

Why should white collar crime, or political corruption be treated any differently to any other type of crime and given the luxury of a tribunal or enquiry ??

In this Republic we are supposed to be equal before the law. Yet, if one of us were to be taken to court for say drunk driving, would we have the opportunity to have a public tribunal of enquiry, which would prevent us from ever being taken to court??
 
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DCon

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Discussing this on Radio 1 now. Shane Ross thinks it will not happen as Cowen was Finance Minister at the time and is culpable.
 

Digout

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Every muppet working for the department of finance must be fired. Brian Clowen should be nailed to a post and stoned.
 

DCon

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Every muppet working for the department of finance must be fired.
You could simply keep all the ones who have a PhD in Economics.
 

Harmonica

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However a call like this from a new Central Bank chief is going to be difficult to bat away. Interesting to see how Lenihan deals with it. First he will consider it for 3 or 4 months. Then if he goes with it it will take at least 6 months to establish the terms of references; another six to set it up and another six for it produce even the bones of an interim report. Don't hold your breath!
We definitely need leadership on this issue & that means a report has to be Commissioned. The report of course needs to be compiled by the same financial "experts" who have been advising the government, banks & developers. Then we will need a department report to analysis the findings of the report.
 

He3

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Discussing this on Radio 1 now. Shane Ross thinks it will not happen as Cowen was Finance Minister at the time and is culpable.
The people who control the decision making about setting up an enquiry are the same people who controlled the decision making that has brought the country to its knees.

Bankers instruct, FF obey.

Biffo.
 

DCon

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Gilmore just raised this in the Dail.

The first BIFFO heard of the call for an inquiry was allegedly in the paper this morning.

BIFFO does not seem to favour an inquiry. Wants to maintain confidence in the system and a lot of other bluff.

Gilmore claimed that the "word on the grapevine" is that Cowen already blocked an investigation into the banks, because he is culpable, FF are up to their necks and etc etc.

Cowen calls Gilmore's allegations "political hetoric" and "baseless in facts". He wants all resources focused on maintaining the banks and generating confidence.
 

Digout

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Of course Clowen does not want an enquiry, do turkeys vote for christmas? Do fat turkeys vote for christmas?
 

Newsy

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Discussing this on Radio 1 now. Shane Ross thinks it will not happen as Cowen was Finance Minister at the time and is culpable.
Cowen was asked about it in the Dail. His answer was that it will have to be given consideration, due to our financial situation.

Gilmore said back to Cowen that he was stalling because he knew that it would go back to his door.
 

Newsy

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Will the media now get fully behind Honohan's call and keep campaigning until we get the inquiry? Will we get a full scale inquiry of the kind he advocates and will it get to the truth?
I hope the media will get behind this call for an inquiry.

RTE Primetime could do a series of programmes on the developers.....one night for each developer and the links with FF and then on the final night of the series tie all the theads together and the common denominators will be Ahern, Cowen and McCrevvy. (God, wouldn't I love it to see such a series of programes, but don't expect it.) :(
 

DCon

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I hope the media will get behind this call for an inquiry.

RTE Primetime could do a series of programmes on the developers.....one night for each developer and the links with FF and then on the final night of the series tie all the theads together and the common denominators will be Ahern, Cowen and McCrevvy. (God, wouldn't I love it to see such a series of programes, but don't expect it.) :(
PrimeTime could, but RTE would see dramatic cuts to their funding if they did!
 

Abacus

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Since he was Fin/Min for half a decade of the Celtic Tiger boom and would seem to carry a lot of the responsibility for overseeing so inadequately the management of our public finances, Brian Cowen has a vested interest in not allowing the Public Enquiry.
It simply will not be allowed to happen.
 

leroy42

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Couldn't the Gov. of the central bank not just do a report himslef. I know that the central bank are also culpable in this, but since he is the new brrom surely he would want the organisation that he is now responsible for being the best it can be and doing a detailed report on the mistakes etc will highlight the areas that need improvement.

He doesn't need an enquiry to do a report into the dodgy deals, the lack of regulation etc.

Of course the central banks report will not in itself lead to any criminal proceedings etc, but a damning report from the cetnral bank would surely mean that any government would have to take action, simply to repair the loss of confidence in the sector.

The Govenor is simply trying to make himself look tough etc while at the same time absolving himself of any requirement to actually do something.

Stop talking, get stuck in and start sorting out the mess that has been created. Show us the mistakes that were made, and ways that they can be avoided in the future. Then pass the file to government and Gardai and let them take it from there.

Sounds simple to me! (The action not the actual process of investigation)
 


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