Mar 07 2016 Posted: 15:08 GMT

Senator Sean Barrett, Independent Senator in Seanad Éireann and member of the Oireachtas Banking Inquiry, will deliver a talk in NUI Galway on the banking inquiry. Organised by NUI Galway’s Whitaker Institute and the University’s Finance Society, ‘Learning the Hard Lessons from the Banking Inquiry’ will take place on Wednesday, 9 March from 2.30-4pm in the J.E. Cairnes School of Business and Economics.

The Irish Banking Guarantee of 2008 and subsequent 2010-2013 Troika Bailout was a national trauma. The Oireachtas Inquiry into the Banking Crisis was to outline the causes of banking crisis and subsequent bailout and provide guidance for future policy formation so as to prevent a re-occurrence. The analytical framework used by the Inquiry was termed the Bank-State-Property Nexus. Senator Barrett was the only independent member of the Inquiry. During the panel discussion he will outline what lessons he learnt during the process of the Inquiry, what needs to be done in the future to prevent it and how students can use the materials published and collected by the Inquiry for future scholarship and research. 

The panel will be chaired by NUI Galway student and member of the Finance Society, Brendan O'Driscoll, with NUI Galway’s Professor Alan Ahearne, Head of Economics, and Professor John McHale, Director of the Whitaker Institute, participating.

Brendan O'Driscoll, of NUI Galway’s Finance Society said: “The 2014 Oireachtas Banking Inquiry was established to investigate factors contributing to a systemic failure in Irish banks. The enduring legacy of this inquiry will not be as a punitive reaction, neither can it mitigate the hardship born by Irish society in the dark years that followed. Its true success will be measured in how well it educated and admonished the next generation so as to prevent such a crisis ever re-occurring. As the inheritors of not only a recovering economy, but the government and financial system at the heart of the crisis, millennials must heed the lessons learned in fiscal prudence, corporate and political integrity and social responsibility.”    

-Ends-

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