Banking Inquiry report a "disservice" to Irish public, says Doherty

Pearse Doherty refused to sign off on the final Banking Inquiry report

Banking Inquiry report a "disservice" to Irish public, says Doherty

File: Sinn Féin finance spokesman Pearse Doherty questions former European Central Bank chief Jean-Claude Trichet as part of the banking inquiry. Picture by: Niall Carson / PA Archive/PA Images

One of the two TDs who refused to sign the Banking Inquiry report has labelled it as "a disservice" to the public.

Pearse Doherty of Sinn Fein has said the report should have included more analysis, and in some cases simply repeated the evidence of witnesses without making a judgement on it.

Mr Doherty, Sinn Féin Finance Spokesperson, said the inquiry should also be publishing nearly half-a-million pages of written evidence which is now being “buried”.

“We have 10,000 pages released today, which is welcome, it contains new information,” he said.

“The fact that 98%, 490,000 pages that we compelled is being buried is not acceptable,” he added.

The final report of the Banking Inquiry was published this afternoon, and notes an "explicit threat" from the ECB if Ireland tried to burn bondholders.

It says that a key failure was politicians, the Central Bank and Department of Finance accepting there would be a soft-landing in the property market.

The financial regulator is the subject of damning findings - that it did not use the powers available to it to keep a check on the banks.

Joe Higgins, the other TD who refused to sign off on the final report, said he had a “fundamentally, ideologically different analysis looking at the (property) bubble and the ferocious amount of profiteering, speculation that went on by banks and developers at that time.”

He added that “never, ever again should such enormous economic power be given to a small group of individuals to control significant sectors and important sectors of society.”