New committee for banking probe

The proposed Oireachtas banking inquiry will likely be held by a new committee, according to a source familiar with developments.

There has been a turf war between the Public Accounts Committee (PAC) and the Finance Committee over who would hold the inquiry into the causes of the banking crisis. A source says that an inquiry will most likely be held over the first six months of 2013, but a new committee will be formed to conduct the inquiry. Each political party in the Dáil would be able to nominate a member to that committee.

There had been speculation that this sensitive inquiry would not be given to the PAC because its chairman is Fianna Fáil’s John McGuinness. Fianna Fáil was in government when the banking crisis occurred.