ECB rules out appearing before banking inquiry

The European Central Bank has ruled out sending an official or appearing before the Oireachtas banking inquiry as it prepares to begin hearings today.

Inquiry chairman Ciarán Lynch said he was “disappointed” with Frankfurt’s decision, but he added: “We still anticipate that the ECB will assist the committee in providing any information we may request.”

ECB president Mario Draghi told Mr Lynch by letter the bank was “primarily” held to account by the European parliament, adding: “Against this background, the ECB does not see itself in a position to participate in inquiries conducted by national parliaments and will therefor not appoint a dedicated contact person.”