Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of John Paul PhelanJohn Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. In a draft memorandum to Government in October 2005, it stated:

The Irish Bankers Federation approached the Department of Finance in April 2005 regarding changes to the Investment Intermediaries Act. ... They [being the IBF] have engaged McCann FitzGerald Solicitors to draft the legislation in conjunction with all of the major issuers of Covered Bonds in Ireland who have been closely involved in the process e.g. Depfa, West LB, Bank of Ireland GM.

Is it usual, or, was it usual, in your time in the IBF, to draft legislation for the Department of Finance? How much of that legislation made it into the final Act? And what impact did it have, do you believe, on the banking sector?

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