Labour TD accuses banking inquiry members of hypocrisy

Michael McNamara says voters right not to give Oireachtas committees more powers

Clare deputy Michael McNamara said Government TDs, including those sitting on the banking inquiry, had voted in the Dáil not to allow the burning of senior bondholders. “We might not have liked it, but we did it,” he said. File photograph: Eric Luke/The Irish Times

Clare deputy Michael McNamara said Government TDs, including those sitting on the banking inquiry, had voted in the Dáil not to allow the burning of senior bondholders. “We might not have liked it, but we did it,” he said. File photograph: Eric Luke/The Irish Times

 

A Labour TD has accused members of the Oireachtas banking inquiry of “utter hypocrisy” over their recommendation that legal action should be taken against the European Central Bank over its refusal to allow Ireland to “burn” senior bondholders.

It is understood such a move is proposed in the final draft report of the banking inquiry, which was agreed on Sunday night despite many members agreeing they are unhappy with it.

Clare deputy Michael McNamara said Government TDs, including those sitting on the banking inquiry, had voted in the Dáil not to allow the burning of senior bondholders.

‘We did it’

“We might not have liked it, but we did it,” Mr McNamara said. “To ask the Attorney General to take action against the ECB is utter hypocrisy, even for politicians in the year of election.”

Mr McNamara said it proved voters were right not to give Oireachtas committees more powers, as was proposed in a 2011 referendum.

“If this is the best we can expect from the €5 million spent on this inquiry, then people were correct in their decision not to give more powers to Oireachtas inquiries.”

The report must go out to interested parties by mid-week and any amendments sought will have to be considered over the Christmas period. The report must be published by January 27th, and many members believe the timeframe is still too tight.