Banking inquiry final report to be published today

Banking inquiry final report to be published today

The banking inquiry's final report will be published later - with criticism for the European Central Bank for saddling the Irish people with huge levels of debt on two occasions.

The financial regulator will also come under criticism for not using the powers available to keep a check on our banks.

It has taken years of setting it up, thousands of hours of work and hearings, a reduced report and extended deadlines but the final report of the banking inquiry will be published this afternoon.

The report will say that while the IMF supported the burning of bondholders and the Attorney General had even examined doing so, the ECB blocked the move saying there would be no bailout in November 2010, and that the ECB stopped it again in March 2011 after the new Government examined the option.

The report will find that the ECB position inappropriately placed significant levels of banking debt on the Irish people.

Also mentioned will be the financial regulator which the inquiry has said had sufficient powers but did not use them in an intrusive enough manner.

On the infamous bank guarantee the report will find the Central Bank had measures in place for banks to open without it and that there was inadequate information available to decision makers on the night.

Before the report is published one member of the inquiry - Joe Higgins - who has not signed off on the report, will hold a press conference to present his own conclusions


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