Daíl Public Accounts Committee - Bank Guarantee Documents

[C. Flower]

So will they call in JP McManus and Charlie McCreevy?

http://www.independent.ie/national-n...s-1490370.html

McCreevy - a well-known betting man.

[Baron von Biffo]

This is assuming there will be any questions asked

Questions framed to grab a few seconds on SixOne and make the asker look important will most certainly be asked.

Will any intelligent, relevant question be asked? Your guess is as good as mine.

[Baron von Biffo]

Aye but tbh it's all the referendum innit.
Rabbitte's comments last weekend and all the sudden interest. Telling us the PAC does infact have powers of compellability when they didn't say boo about it during the inquiries referendum

The so-called inquiries referendum was about politicians trying to fool us into letting them destroy anyone they wished without the inconvenience of having the constitution protect their victim. And to coin a phrase, it hasn't gone away you know.

[Frankie Lee]

McCreevy - a well-known betting man.

I see the horse formerly owned by Mrs Bernadette Mulryan and Mrs Noeleen McCreevy ran well in the Grand National on Saturday.
In Compliance was a witty name I thought.

[ang]

Hmmmm - At last, public to get the full story of night of Guarantee -

Alongside events surrounding the guarantee, the PAC investigation will also focus on the role of the banks and State institutions in the crisis.

In relation to what is referred to as "crisis management" after the guarantee, the committee will also investigate events surrounding the establishment of Nama, which has been accused of a lack of transparency.

Several prominent people associated with these events will be compelled to give evidence, including the former Taoiseach Brian Cowen; the former AIB and Bank of Ireland cCEOs, Eugene Sheehy and Brian Goggins respectively; and ex-Department of Finance official Kevin Cardiff.

http://www.independent.ie/national-n...e-3154540.html

[C. Flower]

Hmmmm - At last, public to get the full story of night of Guarantee -

http://www.independent.ie/national-n...e-3154540.html

As far as I know, Brian Cowen has not yet been questioned by anyone in investigations so far.

At this stage, even if he agrees to give evidence, it seems unlikely that he will have a clear memory of what happened.

Some of the same players were setting out to influence Nama as have been named in relation to the Guarantee.

http://www.google.ie/url?sa=t&rct=j&...rfjCZ3oNcijPWQ

It now seems that the Irish Guarantee has been such an overwhelming success that the EU is going to replicate the same thing for Eurozone as a whole.

[ang]

It now seems that the Irish Guarantee has been such an overwhelming success that the EU is going to replicate the same thing for Eurozone as a whole.

We discussed this here ourselves about two years ago if you remember and some thought we were wrong in thinking that EU policy was headed in the the same direction as FF policy but .........

Meanwhile
Brian Lucey has blogged on this upcoming investigation into the guarantee and points out -

The headlines are that we will get the “full” story of the night. I doubt that we will, absent the appearance of Jean Claude Trichet, then Chairman of the ECB . The ex (and late) Finance Minister, Brian Lenihan had always contended that he was, in effect, instructed by JCT to “save your banks” . There is in existence a letter from the ECB dated 19 November which, it appears, overrides and enhances the (foolish but) democratic wishes of the Irish Parliament which passed the guarantee scheme on 5 October and which was given effect by ministerial order on 20 October. This letter appears to be one that gives effect to the “save your banks” message of Trichet. Despite a number of requests ( see here, and here as examples ) over the years this letter has never been made public. Apparently the contents are so explosive that they would “would undermine the protection of the public interest as regards the monetary policy of the union and as regards the stability of the financial system in a member state

http://brianmlucey.wordpress.com/201...t-that-letter/

[C. Flower]

We discussed this here ourselves about two years ago if you remember and some thought we were wrong in thinking that EU policy was headed in the the same direction as FF policy but .........

Meanwhile
Brian Lucey has blogged on this upcoming investigation into the guarantee and points out -

http://brianmlucey.wordpress.com/201...t-that-letter/

I remember well. But this latest move proposes a direct plug-in from the public to the banks of Europe, without having to go via the inconvenience of a vote in National Parliaments.

And of course there is no "opt out" when it comes to contributing to the ESM.

[Baron von Biffo]

Hmmmm - At last, public to get the full story of night of Guarantee -

Alongside events surrounding the guarantee, the PAC investigation will also focus on the role of the banks and State institutions in the crisis.

In relation to what is referred to as "crisis management" after the guarantee, the committee will also investigate events surrounding the establishment of Nama, which has been accused of a lack of transparency.

Several prominent people associated with these events will be compelled to give evidence, including the former Taoiseach Brian Cowen; the former AIB and Bank of Ireland cCEOs, Eugene Sheehy and Brian Goggins respectively; and ex-Department of Finance official Kevin Cardiff.

http://www.independent.ie/national-n...e-3154540.html

There's not a snowball's chance in Hell of getting the full story from the PAC.

To begin with, the chair of the committee has already made up his mind that public servants concealed information from the government. We should bear in mind that this view is helpful to the reputations of former senior figures in his own party, particularly Cowen and Lenihan. Prejudgement of the matters the committee is to investigate ought to disqualify McGuinness from the chair but I won't be holding my breath for that to happen.

Looking at the membership of the PAC wouldn't instil much confidence that an impartial and competent investigation will take place. Would anyone seriously expect that the FF members will sign up to a finding of gross incompetence by Lenihan or Cowen? Is there the smallest chance that Mary Lou would put her name to a finding that exonerated them? Will the FG members support a finding that makes them look bad for voting for the blank cheque to the bankers? Will Lab upset FG by taking a contrary opinion?

It's not clear from the PAC Orders of Reference or Dail Standing Orders that the PAC can compel attendance of private citizens. If anyone knows where such a power is set out I'd be grateful for a link.

Even if the PAC can compel attendance, it's not clear that it has the power to require anyone to answer questions. What sanction could the committee apply in the event that an attendee declines to answer questions?

This will be a political show rather than a serious inquiry. I suspect that what will happen is that the various committee members will seek to attack or defend attendees according to their political disposition. They will be competing with each other to get the sound bite that leads on SixOne.

This looks like a way for the government to give the appearance of investigating the events leading to the guarantee while not allowing a genuine, independent inquiry that might get at the truth.

[Stanley 2]

PAC had FAS and the DAA in and it was a joke, they sidestepped all questions with the ease at which the likes of Cardiff also did, you would think there was a school for evasiveness.