We need a banks tribunal — not another FF smoke-and-mirrors job

FIANNA FÁIL was boxed into a corner by the demands for an investigation into the banking catastrophe but, experienced political survivor that it is, it has not thrown in the towel. Yes, it has granted the demanded inquiry but it has continued to feint and weave with much of its old skill, thereby staying on its feet.

The Government took a blow when it had to agree to the investigation but it cleverly avoided knockout by ensuring that, to continue the boxing metaphor, this hit was taken to its body rather than its head.

That’s the essential difference between private and public investigations. A private inquiry may wear the Fianna Fáil element of the government down over time — although not definitely, depending on the handling of the publication of its findings — but a public one would have left its square jaw badly exposed to the likely killer punch. A private investigation has bought time too. Any public investigation would have started within months, heightening political tensions regularly.