Oireachtas Joint and Select Committees

Wednesday, 17 December 2014

Committee of Inquiry into the Banking Crisis

Context Phase

1:45 am

Mr. Peter Nyberg:

I was not misquoted. I have not changed my mind either. I might have been somewhat brief. What I intended to convey was that, in my view, and it is still my view, the causes of the Irish crisis are now well known. There have been several reports on the Irish crisis. There has also been investigations in other countries, and in the IMF, which tend to support the view that there are common factors in systemic crises which are not therefore unique to Ireland. My view then and my view now is that on the causes of the crisis, it is unlikely - not impossible but unlikely - that something really exciting and new will emerge. There are a lot of issues which nevertheless can be looked at in greater depth and they are listed. Also, I think what remains, maybe, to be done is to have a good and solid view on what to do to avoid something like this another time. Some things have been done, there is no doubt about that. The question is whether it is enough and have all the important things been opened or been looked at.

Yes, I am of the same opinion as regards the causes of the crisis.

As regards some of the related issues and the future, I think there are things that can be done if there is interest in doing so.