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Commission of Investigation into the Banking Sector in Ireland

On 19th January 2010, the Government agreed a detailed framework for an inquiry into the banking crisis and for its subsequent consideration by the Dáil.

The inquiry has two stages. The Government has already commissioned two reports, which were published on 31st May 2010:

The Irish Banking Crisis - Regulatory and Financial Stability Policy 2003-2008 report was produced by Professor Patrick Honohan, the Governor of the Central Bank and Financial Services Authority of Ireland, on the performance of the functions of the Central Bank and the Financial Regulator over the period from the establishment of the Financial Regulator to the end of September 2008.

A Preliminary Report on the Sources of Ireland’s Banking Crisis, to inform the future management and regulation of the sector was produced by Mr. Klaus Regling and Mr. Max Watson.

These reports also considered the international, social and macro-economic policy environment which provided the context for the recent crisis as well as identifying factors specifically pertaining to the Irish Banking system which exacerbated the impact of the international financial crisis for Ireland.

The second stage of the inquiry is the establishment of a Statutory Commission of Investigation, pursuant to the Commissions of Investigation Act 2004.

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