Banking inquiry to examine relationships between State authorities, banks and property sector today

Banking inquiry to examine relationships between State authorities, banks and property sector today

The relationships between State authorities, political parties, banking institutions and the property sector will be discussed by the Banking Inquiry today.

Members of the committee will hear from Dr Elaine Byrne, a specialist on governance, regulation and political finance and Frank McDonald, a former editor with the Irish Times, as part of its hearings.

Yesterday, the Governor of the Central Bank said some painful cuts could have been avoided if Anglo Irish Bank had been nationalised, but that it was not responsible for the bulk of austerity measures.

Yesterday's session was diminated by the night of the bank guarantee.

Professor Honohan said that nationalising Anglo would have saved some money, but that 80% or 90% of the overall hardship was unavoidable.

Socialist party TD Joe Higgins asked Patrick Honohan whether some cuts could have been avoided by winding up the bank.

"Even if it was €10bn or €12bn, is it the case that very painful cuts to ordinary people and their services could have been avoided?" he asked.

"Absolutely, there's no dispute about that - but it was a relatively small portion, " replied Mr Honohan. "That doesn't mean it wasn't worth doing - it should have been done in that sceanrio."

More on this topic

Banking whistleblower tells committee he is relying on friends for food Banking whistleblower tells committee he is relying on friends for food

Michael Noonan has been very honest with the Irish people, says BrutonMichael Noonan has been very honest with the Irish people, says Bruton

Brian Lenihan claim, 'we all partied'Brian Lenihan claim, 'we all partied'

Banking inquiry report 'worse than useless', says US expertBanking inquiry report 'worse than useless', says US expert


More in this Section

Spring forward: Don't forget clocks go forward tonightSpring forward: Don't forget clocks go forward tonight

People urged to shop responsibly as supermarkets experience long queuesPeople urged to shop responsibly as supermarkets experience long queues

High-profile solicitor in critical condition as he battles Covid-19High-profile solicitor in critical condition as he battles Covid-19

Covid-19: Government provides list of essential workersCovid-19: Government provides list of essential workers


Lifestyle

As the clocks go ahead, so does your style. Corina Gaffney picks your new wardrobe heroesFashion forward: Spring fashion as the clocks change

Des O'Sullivan gives an overview of the changed dates for much-anticipated salesAntiques & FIne Art: What events are put on hold for now?

Virtual auctions a welcome distraction, writes Des O’SullivanBuyers adapt with ease to bid online while grounded

I wish I could write us all back in time, when we could pop to the shops without fear, when grandparents did not have to wave through a window at their grandchildren.Michelle Darmody: Recipes with simple ingredients

More From The Irish Examiner