Trichet’s intention to snub banking inquiry ‘disappointing’

The chairman of the planned banking inquiry, Ciarán Lynch, has said it is "disappointing" that former ECB president Jean Claude Trichet has made public statements that he would not be giving evidence at the hearings.

Laws to compel witnesses to appear will not apply to Mr Trichet because he lives outside of Ireland, but it is hoped that the current membership of the ECB might show a different attitude and insist on a greater degree of co-operation.

The terms of reference for the inquiry have not yet been drawn up, but it’s expected that members will want to examine the role of the ECB in the aftermath of the banking collapse — in particular its refusal to allow the government to burn senior bondholders in bailed-out banks. This would involve calling its current president, Mario Draghi, and, more importantly his predecessor, Mr Trichet, as witnesses before a public inquiry.