What the banking inquiry really exposed was that there was no ‘gotcha’ moment, just a long period of bad politics, negligible regulation, and reckless trading, writes Michael Clifford

IF the Oireachtas Banking Inquiry proves anything it proves that we need another referendum.

The multimillion-euro cross-party Oireachtas bank inquiry report is set to be published this afternoon, before its findings are immediately called into question by two of its own members.

IT is not surprising that the belated and greatly constrained banking inquiry found that both the Financial Regulator and Central Bank had sufficient powers to intervene in the operations of the banking sector to protect the financial stability of the State, but that neither did so decisively.

The banking inquiry has paid almost €400,000 to barristers and solicitors for external legal advice, and racked up large bills for catering, taxis, and expert fees.

Members of the Banking Inquiry are meeting again today to review the responses to the draft report.

Socialist TD Joe Higgins will publish an alternative bank inquiry report calling for “fundamental legislative change” to prevent a repeat of what happened during the property bubble when the official document is released next month.

The Oireachtas banking inquiry is to recommend that the Government takes legal action against the European Central Bank (ECB), over its refusal to allow Ireland burn bondholders in 2010 and 2011, the Irish Examiner can reveal.

The Banking Inquiry Committee has agreed on a draft report after considering ammendments in a meeting today.

The bank inquiry is facing another make-or-break weekend.

If we know one thing about statutory inquiries in this country, it is that they do not go according to plan.

The bank inquiry has received a severe dressing down from a senior Oireachtas official after it emerged the group is so pushed for time it considered skipping an essential legal review in a last-ditch bid to ensure its report is published.

Its detractors may write it of as irrelevant but in one way at least it is important, the timing of the election and debate, writes Fiachra Ó Cionnaith Political Reporter

The bank inquiry was thrown into fresh chaos last night after members held an emergency meeting over serious concerns they may not be able to publish the report.

Only nine of the 11 members of the €5m Oireachtas banking inquiry look set to sign off on the final report, because of objections with its contents.

Crisis-hit bank inquiry members will have their first chance to examine a last-ditch reworking of the report into what caused the economic crash tomorrow, amid ongoing concerns it will fail to meet public demands.

The chairman of the banking inquiry has ruled out any so-called ‘minority’ report being part of the probe, as members scramble to bring the investigation back from the brink of collapse.

The banking inquiry will hold “crisis” talks this morning amid growing concern the investigation into the banking crisis is on the brink of collapse.

Members of the banking inquiry have warned the multi-million-euro investigation’s year-long report into what caused the economic crisis may not be “salvageable” and, at best, may not be published before the general election.

A senior European Commission official has denied the commission, as member of the Troika, tried to “manoeuvre, push or threaten” Ireland to accept the November 2010 bailout, despite arguing the controversial move was “inevitable”.

The IMF’s chief bailout official has accused the ECB of blocking an €8bn Irish plan to burn bondholders, putting its interests ahead of the country’s, and ultimately worsening the economic crash by forcing Ireland to “stand behind” the banks.

FINANCE Minister Michael Noonan and a former IMF deputy director Ajai Chopra yesterday confirmed what has been widely believed for many years — that “advice” offered by the European Central Bank to Ireland as our banks stumbled towards collapse was a thinly-disguised, take-it-or-leave-it ultimatum.

The former head of the International Monetary Fund (IMF) mission to Ireland says the ECB acted beyond its mandate when it pushed Ireland into a bailout.

A senior economist who attended the infamous Brian Cowen-Anglo golf outing and was the only expert the then taoiseach called on the night of the guarantee has insisted he had no role in decisions about the firm.

Former Finance Minister Brian Lenihan asked Europe to rubber-stamp plans to save Anglo Irish Bank, his former special advisor has said.

The belief that foreign investors could not distingush between Allied Irish Banks and Anglo Irish Bank contributed to the Government's decision to saved the doomed lender, the Banking Inquiry was told today.

The bank inquiry whistle-blower who claimed the investigation is beset with “conflicts of interest” and “corruption” is considering legal action after a report into the allegations said there are absolutely “no facts” to back them up.

The only reason the infamous “soft landing” theory was accepted by the Department of Finance was because Government wanted it to be true and a “don’t rock the boat” policy was in place, a former senior department official has claimed.

Former Anglo Irish directors have contradicted bank inquiry evidence given by Taoiseach Enda Kenny and his predecessor, Brian Cowen, about two key events in the lead-up to the economic crash.

The Banking Inquiry will hear evidence from further witnesses relating to Anglo Irish Bank as well as Irish Life and Permanent and Permanent TSB today.

Former Irish Nationwide chief executive Michael Fingleton has insisted he “paid a personal price” for the impact of the economic crash, despite receiving a €1m bonus in 2007 and walking away in 2009 with a massive €27.6m pension pot.