Europe

Irish banking inquiry: Pearse Doherty rejects draft report

Euro notes and coins Image copyright PA
Image caption The inquiry examined the factors that contributed to the Republic of Ireland's 2008 banking crisis

A Sinn Féin member of the parliamentary committee looking at what caused the Republic of Ireland's banking crisis has rejected its draft report.

The year-long inquiry in Dublin has been examining the reasons behind the 2008 banking crisis and economic crash.

On Sunday, Pearse Doherty said he was unable to sign off on the report.

He said: "While the report includes new information, it fails to fully answer the questions regarding how the crisis came about and who was responsible."

'Right to know'

Mr Doherty, who is the party's finance spokesman, said people "deserve the full truth".

"When I agreed to take part in the banking inquiry, foremost in my mind were the people who have lost their homes and businesses, the cuts inflicted on our public services and the generation forced into emigration because of the banking crisis," he said.

"The people have the right to know how the banking crisis came about, who was responsible and to be assured that it would never happen again."

Members of the committee have been holding further discussions on Sunday after failing to reach agreement about key sections on Saturday.

The draft report must go to a legal review on Monday. The deadline for the committee to publish its findings is 27 January 2016.

The Republic of Ireland experienced a catastrophic financial crisis in 2008 from which it still has not fully recovered.

The country's banking sector had to be almost entirely nationalised when the bursting of a property price bubble coincided with a global downturn.

The inquiry, which began hearing from witnesses in December 2014, has been looking at the political, economic, social, cultural, financial and behavioural factors that contributed to the crisis, as well as the preventative reforms which followed.

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