Róisín Shortall (Dublin North West, Social Democrats)
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193. To ask the Minister for Finance the actions his Department and bodies under the aegis of his Department have taken in response to each of the relevant recommendations of the report of the Joint Committee of Inquiry into the Banking Crisis. [34264/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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My Department is in the process of preparing a Progress Report in relation to the specific recommendations of the Joint Oireachtas Committee of Inquiry into the Banking Crisis in Ireland.  This Progress Report also takes into account the broader findings and recommendations of the Banking Inquiry and other inquiries into the Financial Crisis.

The Banking Inquiry report and other reports on the financial crisis highlighted the failure of key institutions to identify risks posed by the banking system which threatened the overall financial stability of the State. They found that no single authority possessed a full 360 degree view of what was happening in the economy at any point in time. This hindered a timely coordinated response which resulted in the banking crisis quickly escalating into a wider economic and fiscal crisis.

Since the crisis there have been a significant number of measures taken to address the failures highlighted by the crisis. These have been at an institutional, national, and EU level.  Both the Department of Finance and the Central Bank of Ireland have undergone significant organisational change in terms of structure, culture and resources. There has also been a large volume of new legislation introduced at a national and EU level to address the weaknesses highlighted by the crisis.

The Banking Inquiry Report has twenty nine recommendations in total. There are twenty four recommendations that fall within the scope of the Progress Report. It should be noted that recommendations that relate to the Oireachtas are a matter for the Oireachtas and will not be addressed in the Progress Report, although they are listed for the information of Government and the Oireachtas.

This  Progress Report is almost finalised and in general, it acknowledges significant progress in respect of the recommendations.  Upon completion it is the intention to publish the report.