Cowen Rules Out Inquiry Into Banking Crisis

Taoiseach Brian Cowen has ruled an inquiry into the banking crisis in the short term despite continued pressure from opposition parties.

Mr Cowen yesterday again said there was an onus on the Government to prioritise its work towards a stable banking system, rather than diverting resources into an investigation into how Ireland's economy almost collapsed.

Last week, Fine Gael said the Finance Minister Brian Lenihan was wrong to dismiss an investigation into the banking crisis.

At the time, the party's Finance spokesperson Richard Bruton said an inquiry into the collapse of the financial sector was essential to avoid a repeat of past mistakes.

Mr Bruton said it was mischievous to characterise such an investigation as a "barrister-fattening exercise" or a "political circus".

Today, the Labour Party accused him of being the only political figure in the country who continues to oppose an inquiry.

Leader Eamon Gilmore claimed that Mr Cowen seemed intent on applying the "30-year rule" on the release of Government papers to the banking crisis.

Mr Gilmore said the party would be tabling a parliamentary motion calling for an inquiry, as well as tabling a new Private Members’ Bill, when the Dáil returns.

The Labour leader alleged that Mr Cowen’s four years as minister for finance immediately prior to the banking crisis was causing him concern, as "his reluctance to have an inquiry is to do with covering his own track", he said.

(DW/GK)