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Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Professor John FitzGerald has been a research affiliate at the ESRI since November 2014. Prior to that he was a research professor at the ESRI and programme co-ordinator of the macro-economics research area. He is president of the Association d’Instituts Européens de Conjoncture Économique and a former president of the Irish Economic Association. He is presently a...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Before I turn to our lead questioners, Deputy Pearse Doherty and Senator Michael D'Arcy, I will do some scene setting with Professor FitzGerald to provide some clarity on the role of the ESRI and its relationship with the Department of Finance. The ESRI is often described as the Government think tank. Is this an accurate description? Will Professor FitzGerald describe the...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Members of the committee will raise questions about the medium-term reviews from the ESRI. What is the purpose of these reviews? What was Professor FitzGerald's role in producing them?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: What is relationship between the ESRI and the Department of Finance in the publication of the medium-term reviews? Does the ESRI do this in co-operation with the Department? Is it through a request from the Department?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Is it the ESRI which decides the final publication of the review?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: In his opening statement, Professor FitzGerald stated:With all ESRI reports, the conclusions in each report were the personal responsibility of the authors. They did not represent the views of the ESRI. The ESRI with all its publications operates a quality control process where the publications were vetted in advance by independent reviewers to ensure they met an appropriate academic...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: I would like some clarification on the professor's response to Deputy Doherty. He said he wrote to the Central Bank in 2006 expressing a series of concerns. Is that right?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: What were those concerns?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Did you get a satisfactory reply from the regulator to both sets of correspondence?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: That is a leading question. The Senator may ask a question but cannot make the statement himself.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: That is a leading question. The Senator may ask a question but if he is asking the witness to verify his own commentary that is not a question.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: I am aware that the committee at the context phase of the inquiry wrote out and gave a broad scope as to the area we may be going into. I know this is an issue that was not flagged with Professor Fitzgerald for this morning and that the Senator is going into areas that were not part of his preparation. If he wishes to respond I will give him space to do so.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Deputy O'Donnell took about two and a half minutes to ask a question. I will give Professor FitzGerald an equal amount of time to respond.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: I will give the Deputy back time but he cannot use language like that. He will have to withdraw that comment and rephrase the question.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: A question please, Deputy.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: Deputy, I-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: I am giving you a lot of latitude but you are way over time.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: You took a lot of time talking without asking a question. I will facilitate one short question but I will not allow commentary.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: That is a leading question. Just ask the question. Professor FitzGerald is here for one day. I manage the questions every day.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Ciarán Lynch: I ask you to ask the question. You know what a leading question is as it has just been described to you.

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