Banking inquiry awaits advice on legal threats from developers

An emergency meeting of the Oireachtas banking inquiry to discuss legal threats from two property developers had to be postponed as legal advice was not ready in time.

The committee was due to discuss the potential actions against it from Johnny Ronan and Michael O’Flynn. It will now meet on Thursday to hear the advice.

Mr Ronan and Mr O'Flynn have asked for a series of changes to be made to the inquiry's final report, which follows it hearing oral testimony from dozens of witnesses and the examination of thousands of documents regarding the State's financial collapse.

Mr Ronan and Mr O'Flynn claim they were denied the opportunity to contest some of the testimony given by the National Asset Management Agency (Nama).

Committee members have indicated they are unwilling to make any substantial changes to its report.

The inquiry has considered Mr Ronan’s requests previously and its membersare understood to be reluctant to change the position they agreed.

A source close to Mr Ronan said there was “every chance” he would take legal action if his statements were not accepted by the committee.

The inquiry will also consider a submission from Mr O’Flynn, a Cork-based developer, who is alleging the inquiry breached the Act governing it.

Good name

Mr O’Flynn is also requesting that correspondence he sent the committee regarding Nama be published and used in its final report. He has asked the committee to remove a reference in the report stating that the agency refuted his evidence. He said this suggests the inquiry is accepting the testimony of the agency and therefore does not believe his, which he says impugns his good name.

In a statement to The Irish Times, Mr O'Flynn said he was eager to see the report published "once it complies fully with the Act".

It is understood the committee is minded to change the word “refute” but is unwilling to accept his request for his statement to be published.

The inquiry will meet at 4pm today and the two developers will be notified within days of the committee’s final decision.

Mr Ronan and Mr O’Flynn will have 11 days then to take any legal action preventing the report’s publication.

It is widely expected that Taoiseach Enda Kenny would call the election sooner than anticipated if a judicial review is sought.

However, any action is unlikeky to be initated until next week by which time the Fianna Fáil Ard Fheis will have taken place and will have been aired.

Fine Gael's Ard Fheis is to take place the following week while the Labour party conference is pencilled in for the end of January.

The report of the inquiry will not fall if a legal action is taken. If a judicial review is sought it could delay its publication. Mr Ronan and Mr O’Flynn could seek an injunction to block the release of the report.