Committee urges inquiry into banking crisis

The Chairman of the Public Accounts Committee has said an inquiry into the banking crisis should be carried out by his group, and not by the Oireachtas Finance Committee.

Yesterday, the Public Expenditure Minister, Brendan Howlin, suggested that the Oireachtas Finance Committee conduct the inquiry.

The Public Accounts Committee also published a report yesterday recommending the inquiry as it says a major knowledge gap remains in relation to the events leading up to the night of the bank guarantee in September 2008.

However, unless the Government agrees to the committee's request to amend the law on Cabinet confidentiality, which would probably necessitate a referendum, an inquiry on the lines proposed by the PAC would not be feasible.

Minister Howlin thinks the Finance Committee would be better placed to hold such an inquiry.

Some have suggested he may have proposed this, as the Finance Committee chairman is a fellow Labour Party TD, but PAC Chairman, John McGuinness said he has not making that suggestion.