Oireachtas Joint and Select Committees
Wednesday, 17 December 2014
Committee of Inquiry into the Banking Crisis
Context Phase
2:50 am
Kieran O'Donnell (Limerick City, Fine Gael)
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I want to touch on a few areas. Mr. Nyberg made just two references to the little-known domestic standing group, DSG, in his report. Those references are on pages 74 and 75. Mr. Nyberg admits throughout his report that there was a lack of co-operation between the Central Bank and the Financial Regulator. Page 74 of the report refers to the establishment of this group:
Page 75 of the report states that in June 2008, this group considered "the possibility of introducing a special resolution regime for banks". I will put the question I really want to ask. This group is little known. It is a high command. I suppose I am a little surprised that Mr. Nyberg did not give more time to it in the report. I suppose I would like to know who was actually on the group, who chaired the group, to whom did the group report-----
Important initiatives taken during this period included the establishment, in line with EU guidance, of the Domestic Standing Group (DSG), which involved, for the first time, a specific structure for ongoing cooperation between the DoF, the CB and the FR. The National Treasury Management Agency (NTMA) also attended several DSG meetings.