Public hearings may not begin before 2015 despite law reform

Public hearings into the long awaited banking inquiry may not begin until 2015, according to Oireachtas sources examining the potential investigation.

Delays accessing hundreds of thousands of pages of documents and difficulties in getting witnesses to appear before an Oireachtas inquiry could prolong its commencement.

Enda Kenny faced calls for an inquiry into banks and events surrounding the night of the 2008 bank guarantee yesterday.

Mr Kenny said legislation for Oireachtas inquiries would be passed before the Dáil’s summer recess. But he said he was restricted in speaking about investigations into the collapse of the banking system and ongoing investigations.

The Taoiseach added: “It will probably be the most complex and technical case ever taken in an Irish court.

“I understand the rage and the anger of so many people who have been affected by all of this in their daily lives.”

He said more than a million pages of information on banking were being examined.

“No doubt the forensics have been looking at the conversations and many tapes of all of this. I want to see the legislation brought through that it is sufficiently comprehensive to deal with this. The Government will make a decision in due course what to do with this. But I do understand people’s outright anger about this carry on.”

A number of TDs yesterday said it was urgent that a public inquiry proceed in order to shed light on events leading up to the Sept 2008 bank guarantee.

The calls came after the Irish Independent revealed recordings of two former Anglo executives discussing the bank’s bailout.

Both men deny misleading the Central Bank in the days preceding the guarantee about the amount the bust lender needed from the State.

Eamon Gilmore said the recordings were “shocking” and underlined the need for an inquiry.

Dublin South East TD Kevin Humphries said: “The shockwave from these tapes shows the need for a broad public inquiry to report, inquire and record how the State ended up liable for the billions in speculative debts from our banking system.”

But Oireachtas sources last night told the Irish Examiner that a public inquiry into the banking crisis would not be ready before the end of next year or possibly even 2015.

“The scope of the inquiry, after the legislation is passed will not be ready before the end of the year.

“It will then take another 12 months to deal with documents and witnesses. You can’t forget some [banking] figures are already facing other inquiries, which would take precedence.”