Government eyes referendum rerun to facilitate inquiry

The Government is considering a rerun of the Oireachtas inquiries referendum to facilitate a banking inquiry.

Public Expenditure Minister Brendan Howlin said there was a need to investigate the “reckless and outrageous” decisions that led to banking crisis.

He said that he was considering appointing a parliamentary committee of inquiry or appointing a High Court inspector to begin an investigation.

In an interview with the Financial Times, he added: “I’d like to see an early determination of the investigations that are already under way. There is an absolute requirement for light to be shone into that dark crevice because people are confused and there is a lot of misinformation about it.”

The Fine Gael and Labour coalition hoped to set up an inquiry into the banking crisis last year.

The inquiry was also a commitment in the programme for government.

But it lost an Oct 2011 referendum set to give Oireachtas members powers to force witnesses to attend hearings.

Mr Howlin said he was reflecting on the referendum decision to determine whether it could be rerun with some changes to enable a parliamentary inquiry into the banking crisis to take place.

He said any banking inquiry would also have to ensure it did not inhibit prosecutions emerging in Garda investigations.

“We haven’t had a full explanation about who was involved, who made the decisions and who was advising on those decisions — and I do think that is necessary to get the full picture.”

The banking crisis and bailouts for financial institutions have so far cost Irish taxpayers €63bn, with the Government seeking relief from Europe on its banking debt.

Any banking inquiry would be certain to focus on banking chiefs, department officials and the politicians in power prior to the bank guarantee agreed in late 2008.

Recent research on the failed Oireachtas inquiries referendum by Red C showed in a poll that 58% of those who voted no supported the idea behind the amendment.