Calls for next Government to consider suing ECB over stance on burning bondholders

There were reports last month fo the Banking Inquiry looking to recommend the Government take legal action

Calls for next Government to consider suing ECB over stance on burning bondholders

European Council building outside of an emergency summit of eurozone heads of state or government in Brussels. Image: Virginia Mayo / AP/Press Association Images

The former Minister for Communications has called on the next government to consider suing the ECB over its stance on burning bondholders.

The Banking Inquiry was reported to have wished to recommend to the government that the ECB should be sued, but was blocked by its lawyers, and Labour TD Pat Rabbitte today told the Dáil today the next government should explore the option.

“The Irish Times reported in December that the inquiry team wish to recommend that the govt should sue the ECB for damages over its action in 2010 and 2011, but were prevented from so recommending by the inquiry’s own lawyers,” Mr Rabbitte said.

“Whether an Irish government should use its statutory entitlements is a political matter, and a matter I hope the next government will consider,” he added.

Mr Rabbitte was giving his last speech in the Dáil, after a 26-year career.

The Taoiseach has today rejected the claim that the Banking Inquiry was “worse than useless” – as alleged by Professor Bill Black on Newstalk Breakfast this morning.

Speaking this afternoon Enda Kenny said he will consider if another referendum is warranted on the powers of inquiries of investigation.