Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

While you're looking, I mean, they would quite likely come from countries which had a much smaller banking crisis than Ireland, so, I think, listening to them ... could I point out when you compare, in Vol. 3, the summary recommendations on financial stability on page 20 that the OECD recommended ... there were five and only three of them made it through to the final version which is on page 38, the last page of Vol. 3. I also note that paragraph 90 on page 17 was deleted and what it ... it ... it says how to deal with bank failures and how the regulator could have closure authority and you could ensure there wouldn't be a run on the banks and - a deposit interest run - and that the losses should be confined to shareholders. Was that not vital information for us to have as we faced into the banking crisis in 2008?

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