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Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: On a point of information, in your opening statement you say that some of the heaviest losses incurred by the Irish Nationwide Building Society were on loans provided in the period leading up to, and after, the passing of this demutualisation legislation. Do you know how many people benefited from the demutualisation of Irish Nationwide Building Society? What was the payout?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: What was the expected payout?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: Per member.

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: Which bank was being identified as the one that would buy it when it came onto the market?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: Were there any Irish banks?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: Is there anything further you would like to add to your contribution?

Committee of Inquiry into the Banking Crisis: Context Phase (10 Mar 2015)

Ciarán Lynch: I note you made recommendations going forward, which this inquiry would hope to do in terms of giving added value to the examination. I thank Mr. Carswell for his participation in the inquiry. It has been a very informative and a valuable meeting, which has added to our understanding of the factors leading to the banking crisis.

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

Ciarán Lynch: I welcome everyone to the 14th public hearing of the Joint Committee of Inquiry into the Banking Crisis. During our sessions this week, we will hear from a number of witnesses on the theme of relationships between state authorities, political parties, elected representatives, supervisory authorities, banking institutions and the property sector. Later this morning, we will hear from...

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

Ciarán Lynch: Thank you. In the full text of the statement you presented to the committee you refer on a number of occasions to the culture of the Oireachtas and how this may have impacted on the effectiveness of the Oireachtas in providing oversight of the actions of the Government and the various agencies under its direction. How would you characterise this culture and what mechanisms do you think...

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

Ciarán Lynch: Before I call Deputy Pearse Doherty, in his written opening statement and oral commentary to the committee Professor Farrell said the failures of parliamentary practice in terms of oversight were more sins of omission. Perhaps he might elaborate further on this? Given that oversight of the actions of the Government is a central role of the Oireachtas, what is Professor Farrell's view of the...

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

Ciarán Lynch: Perhaps Professor Farrell might elaborate further.

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

Ciarán Lynch: Did Professor Farrell note a change in attitude and behaviour in that regard post-2007 and 2008 or post-2011?

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

Ciarán Lynch: I thank Deputy Doherty and Professor Farrell. I call Senator O'Keeffe, she has 15 minutes.

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

Ciarán Lynch: I am hearing a beeping from a phone or iPad in the committee room. I ask that it be silenced.

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

Ciarán Lynch: Let me be clear. The committee may have a problem with the Senator because of our terms of reference.

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

Ciarán Lynch: Will Professor Farrell answer the question?

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

Ciarán Lynch: That is a cross-departmental committee and includes the Department of Public Expenditure and Reform.

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

Ciarán Lynch: I wish to round off one issue with Professor Farrell regarding the level of access members of the public have to public representatives in Ireland. In the context of levels of accessibility among our European partners, how would it rate? Does Professor Farrell rate it as being high or low and is that a good or bad thing?

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

Ciarán Lynch: For example, were someone to ring his or her congressman, for want of a better word, to arrange to meet on the following Saturday, how does that play out internationally and in Ireland?

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

Ciarán Lynch: That is at election time but I am talking about the level of access-----

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