Michael McGrath (Cork South Central, Fianna Fail)
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84. To ask the Minister for Finance further to Parliamentary Question No. 161 of 19 June 2018, his views on whether it is acceptable for the Central Bank to refuse to confirm the costs incurred to date in respect of the inquiry; if these costs and the estimate of the total costs will be confirmed; and if he will make a statement on the matter. [29030/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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I have been advised by the Central Bank that it believes that the release of the costs of the Inquiry at this stage has the potential to prejudice the effectiveness of the INBS Inquiry.

The Inquiry is currently hearing the first module which is the first module of four, and which has been ongoing since late December 2017. It is important for the proper running of the Inquiry that the Inquiry Members can ensure that all information they deem relevant is provided to the parties to the Inquiry when, and in the manner, they consider it appropriate to do so.

The issue of costs is directly relevant to the Inquiry’s proceedings. If one or more of the Persons Concerned are found to have participated in the commission of one or more of the suspected prescribed contraventions, the Inquiry Members have the power to direct the relevant person(s) concerned “to pay to the Bank all or a specified part of the costs incurred by the Bank in holding the inquiry and in investigating the matter to which the inquiry relates” (section 33AQ(3)(f) of the Central Bank Act 1942).

The Central Bank has also stated that it is of the view that, while the Inquiry is ongoing, the release of costs has the potential to prejudice the effectiveness of the Inquiry, the running of which is a matter for the Inquiry Members. For this reason the Central Bank is not commenting on matters related to the cost of the Inquiry at this time. However, the Central Bank intends to release comprehensive details of the costs incurred after the Inquiry has concluded.