Dr. Liam Twomey of Fine Gael has questioned the effectiveness and openness of the Banking Enquiry Commission. The Commission is due to be established in June after two reports have been completed, one by the Governor of the Central Bank and the second by a recognised expert or experts, who will conduct a preliminary investigation into the causes of the banking crisis.
Agreeing with his party leader, Dr. Twomey said that the remit of the initial reports does not mention the role that the Government had in creating the banking crisis. “We, the public, deserve to know about how and why the banking crisis came about but this needs to be done in an open and public manner. County Wexford has been very badly hit by the recession and the banking crisis. Looking along Wexford’s Main Street, you can see the number of small businesses that have closed down over the past couple of years. Last month, Wexford town had 6,629 people on the Live Register, an increase of 37.5% since December ‘08. This increase can in part be put down to the banks not offering the financial support that SMEs need.”
Dr. Twomey believes that this commission and report will be no different to previous investigations and reports produced by this Government: alot of tax payer’s money will be spent to pay the experts for the report but very little or any of the recommendations of the report will be implemented.
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