Banking inquiry advises taking ECB to court over refusal to allow Ireland burn bondholders

The Oireachtas banking inquiry is to recommend that the Government takes legal action against the European Central Bank (ECB), over its refusal to allow Ireland burn bondholders in 2010 and 2011, the Irish Examiner can reveal.

The news comes despite two members of the much-maligned inquiry saying they cannot support its final report, in what was a damaging day for its credibility.

Socialist TD Joe Higgins and Sinn Féin’s Pearse Doherty were both accused by some of their fellow members of acting “naked politically” after they confirmed they would not support the final report.