Oireachtas Joint and Select Committees

Tuesday, 4 April 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector: Quarterly Engagement with Central Bank of Ireland

10:00 am

Professor Philip Lane:

I understand that point of view but it is not the legal framework under which we operate. Unfortunately, we must keep saying phrases like "we cannot comment on individual cases" and so on because the legal framework under which we engage with individual institutions prohibits it for good reasons. It is frustrating but we have tried, prompted by the level of interest from committee members and the testimony they have received. In our March report we tried to put out a lot of information, including where we had to request permission from individual institutions to do so. We live in a legal environment in which we cannot discuss certain issues in public as it would be a breach of the legal requirements under which we operate. The committee had representatives of the individual institutions in here and that was quite effective. They can speak about their institutions and the committee can hold them to account. We can hold them to account on a more confidential basis.