Banking crisis reports expected to be published today

Two separate reports into the banking crisis are expected to be published today.

The documents were discussed by ministers for three hours last night during a special meeting of the Cabinet.

The reports were drawn up by Central Bank governor Patrick Honohan and by international banking experts Max Watson and Klaus Reglin.

They will inform the terms of reference of an inquiry to be set up by the end of the month.

Fine Gael leader Enda Kenny has demanded Taoiseach Brian Cowen give his evidence to the banking inquiry in public.

“The Taoiseach should now restate his willingness to give his testimony in public and confirm that this is, in fact, what will happen.”

Mr Kenny said Mr Cowen, as the former finance minister, was among a group of three people – along with the former Central Bank governor John Hurley and ex-financial regulator Patrick Neary – directly charged with overseeing the country’s financial system.

As the only one still in office, Mr Cowen should be seen to be publicly accountable for his actions, insisted the Fine Gael leader.

“All the thousands of lives that have been shattered by the banking and financial collapse deserve nothing less,” he said.

Elsewhere Labour finance spokeswoman Joan Burton said the reaction of the Taoiseach to the reports will reveal whether he is a national leader or a party leader.

“To date, Brian Cowen has chosen to go into defensive mode about his earlier policies and actions,” she said.

“If he maintains that posture after today, it will mean he is unable to learn the lessons of past mistakes and is unworthy of office as Taoiseach.”