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Thread: Banking commission of investigation

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    Politics.ie Member cyberianpan's Avatar
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    Default Banking commission of investigation

    Facts about the inquiry:

    RTÉ News: Govt proposes banking commission
    The Commission, which is to be established by the end of June, will have six months to investigate the causes of the systemic failures of Irish banking.

    Its work will be preceded by two reports - one by the Governor of the Central Bank, Patrick Honohan, on the performance of the financial regulatory system, and another by a recognised expert, or experts, who will conduct a preliminary investigation into the causes of the banking crisis and the lessons to be learned from it.

    These reports are to be delivered by the end of May, and will inform the terms of reference of the Commission of Investigation.

    The form looks about right to me, update from Dáil is here and here

    Update: full Lenihan Statement is here- it explicitly confirms the government itself is in scope of the inquiries:
    These reports will also consider the international, social and macro-economic policy environment which provided the context for the recent crisis. I expect both reports to be completed by the end of May this year and laid before the Houses shortly thereafter....
    * the response of the relevant Government Departments and agencies, including the linkage between the banking crisis and overall economic management.
    Update:

    To clarify the streams are:
    Report by 31 May: Preliminary inquiries 1a) "Regulation" under Patrick Honohan 1b)"Wider matters" under an international expert(s)
    Then the Dáil will define exact scope for:
    Report by 31 Dec: 2) Commission itself chaired by an international expert

    The relevant act for the main inquiry will be the COMMISSIONS OF INVESTIGATION ACT 2004

    It confirms investigation should be private

    But with substantial powers to compel witnesses and seize documents (even from private residences)

    My opinion on scope required:

    In my view the commission will need to address both the property bubble and the loans bubble. These stakeholders need to be examined:

    • Irish bankers
    • CB & FR staff
    • Dep Fin & Taois civil servants
    • ECB & EC staff
    • Journalists
    • Banking independent directors
    • Auditors
    • Ratings agencies
    • Stockbrokers
    • Those in the interbank debt market
    • Trade unionists
    • Developers
    • Auctioneers
    • Politicians


    Bubbles have always been a feature of open markets, so the inquiry has to be mindful of that , my view is that serious expertise will be needed to delve into them:

    • economists (macro, property, investment & behavioral)
    • sociologists
    • accountants
    • banking experts
    • and more...


    Areas of investigation would need to cover:

    • Journalistic coverage at the time
    • The Irish cultural obsession with owning property
    • Internal minutes from bank boards and management committees (especially to see how dissent was treated)
    • Structural deficiencies of the property market (shoddy conveyancing process, lack of pricing data etc)
    • All above mentioned stakeholders etc


    Given the cost of these bubbles and their effects: I think we can afford to spend a few million and get the best international experts in.

    cYp
    Last edited by cyberianpan; 20th January 2010 at 12:16 AM. Reason: Added inquiry details
    "Yawn , am I alive yet ?"

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    Politics.ie Member spidermom's Avatar
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    Here's hoping that the supposed "independant" auditing of banking institutions is not forgotten!


    This may be where the largest scandal lies!!!
    When a man sits with a pretty girl for an hour, it seems like a minute. But let him sit on a hot stove for a minute and it's longer than any hour. That's relativity.

    ALBERT EINSTEIN

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    Politics.ie Member Digout's Avatar
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    Quote Originally Posted by spidermom View Post
    Here's hoping that the supposed "independant" auditing of banking institutions is not forgotten!

    It will be a fudge. Its FF.

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    Quote Originally Posted by cyberianpan View Post
    RTÉ News: Govt proposes banking commission



    The form looks about right to me, full details in the Dáil later

    cYp
    Any info on what these experts will be expert in? Will they investigate the Auditors and legal advisors to the Banks and Govt. Depts.

    And what about the political decisions taken that may have led to the system being manipulated and abused and the reasoning behind these decisions being made in the first place?

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    Politics.ie Member cyberianpan's Avatar
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    Quote Originally Posted by MPB View Post
    Any info on what these experts will be expert in? Will they investigate the Auditors and legal advisors to the Banks and Govt. Depts.

    And what about the political decisions taken that may have led to the system being manipulated and abused and the reasoning behind these decisions being made in the first place?
    They are leaving this open, as you can see from my (updated) OP there's a pretty wide scope to consider

    My main concern now would be to ensure that Governor Honohan is given a good few million for the preliminary reports and that we get TOP experts in.

    cYp
    "Yawn , am I alive yet ?"

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    Quote Originally Posted by cyberianpan View Post
    They are leaving this open, as you can see from my (updated) OP there's a pretty wide scope to consider

    My main concern now would be to ensure that Governor Honohan is given a good few million for the preliminary reports and that we get TOP experts in.

    cYp
    I like your style and agree Honohan is a good place to start. Even if they are trying to fudge and drag it out I do not think they will get too much past him.

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    This must be investigated overwhelmingly in public from the very start. If it's not in public then it's secret. They've been keeping it secret since early 2007 - THREE YEARS AGO. NO MORE! The opposition should not assist with the cover up a moment longer.

    - cancel pairing arrangements
    - motion of no confidence
    - parliamentary warfare

    IN PUBLIC FROM THE START - NOTHING LESS.

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    Politics.ie Member Digout's Avatar
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    Quote Originally Posted by MPB View Post
    I like your style and agree Honohan is a good place to start. Even if they are trying to fudge and drag it out I do not think they will get too much past him.
    Honohan's report is into the regulator. We need to see the scope of what he can report on. My bets say that his report will be scoped in a way that all his summary can say is "The regulation system failed".

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    Harney just doesn't get it. She is killing off any remaining positive legacy of the PDs.
    'I personally favour what will work and what is effective. That's far more important if it is public or private.'
    It has to work AND be in public. Harney sounds just like Haughey would have sounded.

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    Politics.ie Member cyberianpan's Avatar
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    Here's the detail that will go before the Dáil

    -to request the Governor of the Central Bank to report to him on the
    performance of the respective functions of the Central Bank and Financial
    Regulator in the period since the establishment of the Financial Regulator up
    to September 2008 having regard to the statutory powers, roles and
    responsibilities of the Central Bank and Financial Regulator;

    — to commission an independent review from a recognised expert or experts of
    high standing and reputation to conduct a preliminary investigation into the
    background to and causes of the recent crisis in Ireland’s banking system up
    to September 2008 to assess what lessons can be learned and to inform the
    future management and regulation of the sector, both in relation to individual
    institutions and in relation to the management of risks and stability issues
    within the regulatory and governmental systems;

    — that these reports will consider also the international, social and macroeconomic
    environment which provided the context for the recent crisis in the
    banking sector;

    - that both reports are to be initiated as soon as possible and completed
    urgently and no later than 31 May 2010;

    — that following completion of these reports, an independent, statutory
    Commission of Investigation is to be established by 30 June 2010, chaired by
    a recognised expert of high standing and reputation, to identify, examine and
    report on the causes of the systemic failures such as corporate strategy,
    governance and risk management in the Irish banking sector which
    culminated in the need for the State guarantee, the recapitalisation
    programme, the nationalisation and rescue recapitalisation of Anglo-Irish
    Bank and the establishment of NAMA in order to preserve financial stability;

    — that the terms of reference for the Commission of Investigation will be
    informed by the conclusions of the reports of the Governor of the Central
    Bank and the independent review;

    - that the report of the Commission of Investigation would be completed
    within six months;


    The two preliminary reports look like they have excellent scope, the lead expert on the more general one will need to be someone of
    1) Serious global stature
    2) High ability

    Also the above says "up to September 2008" - does that include September ?

    cYp
    "Yawn , am I alive yet ?"

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