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Everyone’s talking about…
The banking inquiry enters its ‘Nexus Phase’ today, with Frank Daly and Brendan McDonagh, the chair and CEO of NAMA, appearing over the course of two sittings.
No doubt, the pair will have some interesting insights into how the banking collapse was handled. However, attention is already turning to the questioning of another key player.
Former European Central Bank (ECB) President Jean Claude Trichet will engage with the inquiry next week – although in a different way to all other witnesses.
Banking committee members will question Trichet in two 45-minute sessions - about the events that led to Ireland’s bailout programme and the bank guarantee, at a conference organised by the Irish Institute for International and European Affairs on Thursday 30 April.
Committee chair Ciaran Lynch told TheJournal.ie this morning: “The importance of engaging with Mr Trichet is that it provides an opportunity for the inquiry to obtain evidence that will inform its final report.”
Lynch said meeting Trichet is one of a number of routes the committee is taking to “provide the public with the fullest picture” of what happened in the run-up to, and aftermath of, the banking collapse. He rightly pointed out that “many pieces of the jigsaw” are still missing.
The Labour TD admitted he would have preferred to question Trichet in Leinster House, but said this was “never” going to happen. The ECB has continually said it is “not in a position to participate in inquiries conducted by national parliaments” as it is accountable to European institutions.
The agenda
What the others are saying
Inside Leinster House
After much speculation, it was confirmed summer has arrived early.
In case you missed it
On the Twitter machine
Originally published: 9am
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The ECB states the it not answerable to national governments. I would like to know to whom exactly it is answerable to?
I think it is time for Ireland to examine our relationship with the EU and the rules of this club that seems to be run by and for the exclusive benefit of the big three.
Jack , good point. Also , Draghi has answered in the Italian Parliament . Why won’t this guy go to our Oireachtas?
Jack did anyone ever doubt that it has always been run for the benefit of the big three. In my job that has been blatantly obvious for over 30 years. Its only in the last 10 that we have had to comply with the help of our own governments. We have been scoring an own goal constantly since.
Fiscal Treaty 2 – is now a legal imperative considering the cover-up of the Trichet letter until it was passed – Would it pass now ? – Would it F…k !
Trichet is only making a showing because he knows that the people have woken up to the bail out con job. he wants to put some spin on why it was so important to financially enslave the people of this country for the foreseeable future.
Will he get out alive ? – Sin an Ceist .
We are mushrooms, fed shiit and kept in the dark.
Correct!
The only things you need to know about the banking inquiry; millions of taxpayers money will be wasted, political theatre will be in full effect, fcuk all transparency and ultimately there will never be any accountability…..boils my Pi$$!
Yeah,7 years later they are going to grill him,they won’t give him time to think of excuses,they are striking when the iron is hot,fair play to ye.
This banking inquire is starting to bore.
I’ve said it before. Permit me the issue and control of a countries monies and I care not who makes the law……
This inquiry may shed some light on this but what i want to know is when are the low lifes responsible are going to be prosecuted for any criminal wrong doings? We are spending millions on an inquiry and at the end of the day nothing is done about it.
Mr Trichet illegally stepped beyond his ECB remit when he threatened to withdraw liquidity funding from Irish banks at the height of the banking crisis in order to make a national government bend to his political will.
Ridiculous and scandalous when u consider the ECB is suppose to deal with money supply (not unsupply) and inflation only…..everything else is for the politicians to sort out, as per the treaties…..but who cares about all that Mr Trichet when u have Angela Merkel and whoever else on the end of the phone eh?
He threw Ireland under the bus (with the help of an incompetent and naive Irish government)…..there’s no way he’d voluntarily show up in Leinster House to clarify anything.
What happened is sadly very simple, in two steps:
1. The banks were deregulated across the western world, and allowed to gamble with savings and deposits for the first time since the great depression in most countries, their gambling built a giant house of cards that eventually came crashing down when it got away from them.
2. Because they used our savings and deposits they were able to team up with the ECB to say “bail us out or we take your money down with us” and they knew in most EU countries, esp Ireland, they had a cabinet that had no real understanding of even basic economics so they are easy to manipulate.
3. Despite this fact, Lenihan and a few others think “well Anglo has no atms or current accounts why don’t we let that fail?” and this clown threatened to refuse to help fund our deficit if he did that, and our cabinet, being again economically ignorant, didn’t realize that this was a total bluff, that if they’d let us go down we’d have taken the entire Euro with us.
The worst news? No real reforms in place since and in 8-10 years it will all happen again.
ELECTION NOW
END BANKSTER BUDDIE NOONANS REIGN
your caps are on…
I thought all this stuff that’s unfolding now was just tin foil hat conspiracy nonsense , how wrong I was !
The conspirators are the government and their elite buddies conspiring against the people for their own greedy ends. Mass boycott the water tax imposed on us to keep their machine oiled nothing to with maintaining pipes.
Hope someone from Ireland’s Banking Inquiry asks Jean-Claud Trichet whether ECB now has essential checks-and-balance procedures in place at ECB to ensure no National Central Bank within eurozone can crash an economy like what happened with Ireland’s.
ECB, aided and abetted by Ireland’s CB, are as guilty as hell in my book, for the fiscal cock up of biblical proportions visited on our economy following 2008 Financial crisis, the effects of which will linger for generations.
Hope Shane Ross is chomping at the bit for this showdown?
So Right” Scottie “Transparency be dammed” inthe the full knowledge,we can milk the cash cows, makes me so angry
Biggest heist in Irish history .. Well planned well orchestrated .. White collar crime and no accountability
We know who’s accountable. The problem is no prison time has been served, no sentences handed down. 7 years and not a single banker or politician serving time.
Let that linger.
I’m sure they’ll be enormously illuminating……snore, snore, snore. If ANYONE thinks that even one of this pack of jackals is remotely interested in speaking the truth at this ridiculous enquiry they are sadly mistaken. I take this opportunity, hower, of saluting Joe Higgins for his valiant efforts, nonetheless.
The ECB is answerable to the Bond Holders, the European Central Bondholders
We should arrest him as soon as he arrives.
It is magic…
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