Denis O’Brien may be asked to attend banking inquiry

The Oireachtas probe into the banking collapse is to consider asking tycoon Denis O’Brien to give evidence before it.

Michael McGrath, the Fianna Fáil finance spokesman, has written to fellow committee members suggesting they ask the billionaire to attend their hearings.

He said the businessman’s experience as a major borrower from Irish banks with strong views about how the system operates would be able to give “valuable evidence” to the inquiry.

“In addition, his experience as a former deputy governor of Bank of Ireland and as someone with significant media interests, Mr O’Brien may be in a position make an important contribution on several aspects of the terms of reference being examined by the inquiry,” he told RTÉ.

“The committee is due to hear from a number of property developers but it is important that other commercial borrowers are also heard. Ultimately it is a matter for committee to decide, but I believe the work of the banking inquiry would be enhanced if Mr O’Brien were to give evidence before it.”

Some committee members have expressed doubts about such a move given Mr O’Brien’s involvement in the IBRC controversy. The sale of Siteserv to a company controlled by the billionaire is one of the deals now under investigation by an inquiry.

Mr McGrath believes that if Mr O’Brien is called to give evidence before that inquiry gets under way it will mean he will not be in contravention of rules governing commissions of investigations

The banking probe is gearing up to question former politicians such as Brian Cowen and Bertie Ahern next month and produce a report before Christmas.