ECB to engage in banking inquiry through ‘informal participation’ – Hayes

“The President of the European Central Bank Mario Draghi informed me that the ECB is due to discuss what shape their engagement with the Oireachtas Banking Inquiry will take,” said MEP Hayes.

Mr. Hayes questioned Mario Draghi during an Economic and Monetary Affairs Committee meeting in the European Parliament today.

“President Draghi confirmed that the ECB will not formally participate in the Banking Inquiry but it will engage through informal participation. As to the level of participation and the quality of information – it’s still too early to conclude how useful their participation will be.

“I made it clear that the ECB’s engagement should involve the delivery of key ECB documentation from the period of 2008-2010 when Ireland’s banking crisis occurred.

“I believe the ECB has an important role to play in the Inquiry given that it got to a stage where Ireland accounted for 25% of the ECB’s emergency liquidity lending by the time of the bailout. However, the crucial years are from 2008 – 2010. That’s where the ECB must be held to account for their actions and their total over exposure to the Irish banking sector,” concluded Mr. Hayes.

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