Banking inquiry to be delayed by up to two months

The Dáil’s banking inquiry is facing a two month delay and will not be finished its work until the end of January.

Members agreed to seek an extension until January 28th for publication of its final report. The committee had been due to report back by November 30th. However, a report into allegations of wrongdoing at the inquiry has pushed that date back.

The delay will have cost implications for its budget and will add significantly to the €5 million already spent on the inquiry.

Chairman Ciarán Lynch is to seek an extension formally in the Dáil when it resumes on September 22nd. The main cause of the delay is allegations by a whistleblower who worked with the committee.

A report into the findings of senior counsel Senan Allen into those claims found they were without foundation and the whistleblower was a “wholly unreliable historian”.

Fianna Fail Senator Marc MacSharry said his concerns remain despite the report and called for an independent investigation.

In an email to the committee, he said he was extremely concerned about a written statement sent to the inquiry by a former Central Bank employee.

The written statement was cleared for publication by members last night and is understood to allege contrarian views were suppressed in the Central Bank in 2007.

Mr MacSharry said this and “other important information had not been provided to the Inquiry Team by the Central Bank or, if it was provided, it was not brought to the attention of the members”.

In an email to members, he added: “This is very concerning independent of the existence of any protected disclosure.

“It adds to the requirement for full independent investigation to include the incomplete level of material provided by the Central Bank to the Banking Inquiry.”

Mr MacSharry told members a full independent investigation outside of the Oireachtas Service is now urgently required.

In his correspondence, he said: “Only such an immediate independent investigation can maintain the confidence of the public and all committed to the proper conduct of our work and a credible Report from the Banking Inquiry itself.”