Role of ECB in financial crisis will form part of Oireachtas bank probe

The role of the European Central Bank (ECB) in Ireland’s financial crisis and any pressure it applied on the Irish Government will form part of the long-waited Oireachtas banking inquiry under terms agreed.

TDs and senators yesterday also agreed that media and newspaper bosses could be called before the probe to answer questions about whether they indirectly influenced the property bubble.

Inquiry chairman, Ciaran Lynch last night said he expected the probe to be up and running in November and for public hearings to begin in January at the latest. There were 55 amendments to the terms of the inquiry agreed by the cross-party group yesterday.