Written answers

Thursday, 17 June 2010

Department of Finance

Commissions of Investigation

5:00 pm

Photo of Frank FeighanFrank Feighan (Roscommon-South Leitrim, Fine Gael)
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Question 30: To ask the Minister for Finance if he intends to seek an agreed terms of reference with the leaders of the Opposition on the banking inquiry. [24729/10]

Photo of Joan BurtonJoan Burton (Dublin West, Labour)
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Question 41: To ask the Minister for Finance when the Joint Oireachtas Committee on Finance and the Public Service is to be invited to consider the preliminary reports on Ireland's banking crisis prepared under the direction of Klaus Regling and Patrick Honohan respectively; when he expects the terms of reference and draft Government order to establish the statutory Commission of Investigation into the Banking Crisis will be laid before the Houses of the Oireachtas; and if he will make a statement on the matter. [25636/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 30 and 41 together.

The Government agreed at its meeting on Wednesday 9 June that the preliminary reports, The Irish banking crisis: regulatory and financial stability policy 2003 – 2008, by the Governor of the Central Bank, and A preliminary report on the sources of Ireland's banking crisis, by Klaus Regling and Max Watson, be laid before both Houses of the Oireachtas.

These reports are preliminary, scoping reports, which are intended to point the way to more detailed examination of specific issues by a statutory Commission of Investigation. In line with the framework for investigation announced by the Government last January, the Government has published draft terms of reference for a statutory Commission of Investigation, for consideration by the Oireachtas.

The Government has invited the Joint Oireachtas Committee on Finance and the Public Service to provide its views on the draft terms of reference and, in this context, that Committee has already held two separate hearings on the preliminary reports with the authors of those reports. When the Committee has provided its views on the terms of reference, it is proposed that the final terms of reference be put to a vote of both houses of the Oireachtas in the form of a draft Government Order to establish the Commission of Investigation. I have previously indicated that the Government proposes that a resolution approving the draft Government Order be voted on by both Houses by the end of June.

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