Former ECB head to meet with banking probe

Senior European Central Bank officials, including ex-ECB president Jean-Claude Trichet, are set to meet with the banking inquiry in a “neutral” Dublin location this spring to discuss their role in Ireland’s economic crash.

Sources confirmed the development to the Irish Examiner last night after months of wrangling over the bank’s refusal to attend.

After a private meeting yesterday, the cross-party committee was told ECB officials, including Mr Trichet, are open to an on-the-record discussion provided it takes place at a venue outside the Dáil.The focus on the location is because, as an independent international body, the ECB does not want to set a precedent of being ordered to attend a national parliament.

While discussions are continuing on whether any information gathered can be used by the inquiry, the meeting — which will address claims Ireland was effectively bounced into a bailout by a still-unpublished letter from Mr Trichet to then finance minister Brian Lenihan in November 2010 — is almost certain to take place before this summer.

The high-level meeting is due to be formally agreed within a fortnight, with sources confirming only one inquiry member opposed accepting a private meeting, believed to be planned for the Institute of International and European Affairs.

Last night, Fianna Fáil finance spokesman Michael McGrath said that the ECB has “an important story to tell”.

He said the behind-closed-doors meeting is “far from ideal, but we are right to explore it”.

Inquiry chair and Labour TD Ciarán Lynch said the committee has been “updated on the ongoing consideration of opportunities to engage with the ECB”.

Meanwhile, the inquiry will reveal the first tranche of people to be compelled to attend its next stage of discussions on Thursday.

Senior bankers are likely to be called first, after politicians who were in power at the time of the crash are told to attend.