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Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I call Deputy Pearse Doherty.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: The four minutes for Deputy Doherty-----

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I will take a final question, Deputy.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I call Senator Susan O'Keeffe.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I beg your pardon.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: The Senator is speculating. Either one knows or one does not.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: One and a half minutes remain to the Senator.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: As the Senator is over time, that is the last question.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: As I wish to move towards a conclusion I invite Senator Michael D'Arcy to ask one supplementary question and then Senator Barrett to ask one supplementary question.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I will conclude with a few matters to bring proceedings to an end and perhaps invite some comments from Dr. Byrne, by means of giving some additional space to her. She mentioned how political parties are funded and touched on donations coming from abroad. Does Dr. Byrne have a view on those restrictions? Are they too tight or are they too lenient.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I am asking you for a view and you are asking me the question.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I am a chairperson and I am used to bouncing them back.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: On the issue of whistleblowers, Dr. Byrne referred to the possibility of having a financial incentive or monetary reward for whistleblowers. What sums does she have in mind? How would she avoid vexatious or false complaints given that there would be a financial reward for engaging in this behaviour as opposed to just doing it because it is the right thing to do?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: There are very clear rules about members of this committee of inquiry commenting on any media coverage or any witness contributions that have been made. I know Dr. Byrne has been writing extensively on this issue. An article she wrote recently is not in that space. A significant part of this inquiry is to look to the future and draw on lessons from the past to ensure that the type of...

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: It was about two weeks ago.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: Is there anything Dr. Byrne would like to add by way of concluding comments?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I thank Dr. Byrne for attending. I thank her for her participation. Today has been very informative. We have had a valuable meeting which has added to our understanding of the factors leading to the banking crisis in Ireland.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: In session No. 2 we will have a discussion with Mr. Frank McDonald. We are focusing on the theme of relationships between State authorities, political parties, elected representatives, supervisory authorities, banking institutions and the property sector. I welcome Mr. McDonald, a former journalist with The Irish Times. He commenced his journalistic career as a freelance...

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: I thank Mr. MacDonald for his opening statement. He referred to the reserve function of councillors to make decisions on development plans regarding cities and counties, and that it involved the rezoning of land including agricultural land where the values could increase by factors of ten or more. Does this system exist in any other European planning system outside the Irish jurisdiction?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Ciarán Lynch: In Mr. McDonald's opening statement, he referred to situations in which the value of agricultural land multiplied by ten times or more after it was rezoned for residential, retail or commercial purposes. In those situations there may be secondary incomes or benefits to the State through stamp duty, rates and development levies. Does the State accrue any immediate income as a result of the...

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