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Seanad
‹ Order of Business

Draghi and the banking inquiry

Summary

Senator O’Donovan condemns the ECB’s refusal to participate in the banking inquiry and urges the Government to seek a European Commission summit.

I second the amendment to the Order of Business proposed by Senator Paschal Mooney and wish to expand on what he and others said in the House this morning. It is appalling and a disgrace that Mr. Draghi and the ECB are washing their hands of and giving the two-fingers sign to the Irish banking inquiry. This is so serious that I urge the Taoiseach, the Tánaiste and the Minister for Finance to summon an European Commission summit to discuss the issue. The ECB banking system was a disaster and when we needed the European Union most, it turned its back on us and forced the former Minister for Finance, the late, great Brian Lenihan, to do its bidding in this country to protect the banks. Irish citizens are entitled to answers from the ECB. I wish the inquiry well, but its work will not be adequate, proper or definitive in its decisions without the evidence from the ECB. It is a disgrace that it is ignoring us. I welcome the remarks made this morning by the Minister for Agriculture, Food and the Marine, Deputy Simon Coveney, but we must go further. We note that there is somebody currently being extradited from Brazil to Ireland over a case involving some €80 million. This is a serious issue, yet there are billions involved in the issue concerning the ECB. The Europeans who are supposed to be our partners are ignoring the demands from Ireland. If it is possible, the Leader might explore whether a European arrest warrant could be issued to bring the European authorities here by hook or by crook. Let them answer questions. What are they afraid of? Is there something they might say that would expose the European Union such that it might have to compensate Ireland for the billions of euro it put in to support the banks? It is an appalling disaster and it is so serious for the nation. This is the first time I have ever said publicly or at any forum that we, as a small nation on the periphery of Europe, should reconsider our position in the European Union if the ECB officials do not come here to answer questions. The biggest crisis this nation ever faced in my lifetime and in its history happened in 2008 but the ECB is hiding behind the frivolous, vexatious notion that it is a national issue. The banking crisis was a Europe-wide issue. It hit Greece, Portugal, Spain, Cyprus and other countries, yet the European authorities are ignoring this. Perhaps if they came here and gave answers, we could move on and learn lessons from the appalling, disastrous position they put us in as a nation.

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