Banking inquiry refers conflicting plans to external group

The Oireachtas banking inquiry has referred different proposals for its terms of reference to an external group for advice amid differences between members of the committee on how it should proceed.

The “framework document” has been given to a specially constituted “ad hoc” group comprising officials and staff from the Central Bank and the Economic and Social Research Institute (ESRI), as well as private sector figures.

There are different opinions within the 11 member committee on what exactly should be examined, and how much it can achieve by November 2015, when chairman Ciarán Lynch has said the inquiry will conclude its work.

The ad hoc group will advise the TDs and senators on what is achievable in that tight timeframe, and a final proposal from the inquiry is to be submitted to the Committee on Procedures and Privileges, the body which sets Dáil rules, by September.

Mr Lynch said members of the ad hoc group will work on a pro-bono basis and will be a mixture of public servants and private sector figures.

He said it would help the committee “fine tune” its thinking.

In a statement, the Labour TD said: “The committee has agreed a framework document which sets out the potential parameters for the purpose of the inquiry, its scope and timeframe.

“Building on this document, the support group will advise on a draft inquiry framework and inquiry plan for consideration by the Committee.

“The inquiry framework should expand on the work done by the Committee and will assist in identifying the specific matters, key events or main questions to be inquired into, along with the relevant dates and relevant persons involved.

“This will also give direction to the categories of documents and written evidence which will be required to be compelled. The inquiry plan should take account the Committee’s desire to hold public hearings in early 2015 and the timeframe for the inquiry which is a maximum of 14 months.

“It is important that the proposal we prepare is able to answer comprehensively the matters the Committee wishes to inquire into rather than being too expansive in its reach and thereby failing to grasp any issue or subject in a meaningful way.”