Honohan - Oireachtas bank inquiry unnecessary

Monday 10 September 2012 11.50
Patrick Honohan said an Oireachtas banking inquiry is not necessary
Patrick Honohan said an Oireachtas banking inquiry is not necessary

Central Bank Governor Patrick Honohan has said that any information relevant to his brief that could be covered by any potential Oireacthas banking inquiry is known to him and has already been released.

Responding to comments from the Public Expenditure and Reform Minister this week that legislation is proceeding to permit such an inquiry, Mr Honohan said he would not advocate an inquiry.

Mr Honohan told RTÉ's This Week that he has himself published information relevant to his brief on the issue and that is sufficient.

Mr Honohan added that reaching a deal on bank debt was not an issue of whether, but rather an issue of when.

He said a decision was made at an EU summit to improve Ireland's position on the bank debt issue.

The negotiations were being led by the Government and fully supported by the Central Bank, he said, adding "we, the Irish, would like a lot to be done and very effectively".

Meanwhile, the Chairperson of the EU's Economic and Monetary Affairs Committee said it is likely that agreement on reducing Ireland's bank debt burden will not be struck until November.

MEP Sharon Bowles said that she has discussed the issue with ECB President Mario Draghi, stressing that Ireland needs relief from its debt as a result of the actions it took for the benefit of Europe.

Ms Bowles said Mr Draghi had a lot of sympathy for the views she expressed and she said she was certain that some leverage would be given to Ireland.

She added that while Mr Draghi did not promise anything to her during discussions, he did not give a negative indication on the issue.

Keywords: patrick honohan
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