Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

The ECB played a direct and central role in the matters the inquiry will examine. It had a central role in the inflation of the property and credit bubbles which burst so catastrophically. In 2010 the then ECB president, Jean-Claude Trichet, demanded that the State apply for a bailout to recapitalise the banks and that a vicious programme of austerity be imposed on the people. These demands were made using the threat of withdrawing emergency funding from the Irish banking system. The Government of the day succumbed to that threat and did the bidding of the ECB, thus saving the euro, the banks and the bondholders, as well as crippling the people with debt and austerity.

Mario Draghi, the President of the ECB, once again demonstrates an arrogant disregard for this State and our people. The ECB's snub to the banking inquiry is not just unacceptable but a calculated insult. Mr. Draghi has given two fingers to the members of the inquiry, the Oireachtas and Irish citizens, and it is unacceptable. This morning, the Minister for Agriculture, Food and the Marine, Deputy Coveney, said the ECB had an obligation to attend the inquiry. Does the Taoiseach believe the ECB is obliged to attend the inquiry? What does he intend to do to ensure it faces up to its obligation? Has the Taoiseach or anyone in the Government been in direct contact with Mr. Draghi? Has anyone challenged him on his refusal to co-operate with the banking inquiry?

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