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Dublin: 16 °C Friday 7 August, 2020

Governor of Central Bank to discuss state of economy with committee

The Oireachtas’ Finance Committee is to meet with Professor Patrick Honohan tomorrow, where they will discuss Irish banking.

Labour TD Ciaran Lynch
Labour TD Ciaran Lynch
Image: Leon Farrell Photocall Ireland.

THE STATE OF Irish banking and the current economy will be discussed when the Governor of the Central Bank of Ireland meets with the Oireachtas’ Committee on Finance, Public Expenditure and Reform.

Labour TD and chairperson of the Committee, Ciaran Lynch, said that Professor Patrick Honohan, Governor of the Central Bank of Ireland, will appear before them tomorrow.

Outlining what they plan to discuss, he noted that the committee has already met with the senior executives and Public Interest Directors at Ireland’s banks so that they can get a thorough understanding of the current state of individual Irish banks and the banking sector in general.


Deputy Lynch said that they will discuss matters relating to the economy, including banking and credit provision, with Honohan.

We will also be interested in getting Professor Honohan’s perspectives on the current state of our banking system, particularly in terms of a recently leaked document in which the Troika is reported to be still concerned about the fragility of Irish banks.

He explained that the Troika has also expressed concern about the low level of funding from banks to SMEs, and in light of this, and of the recent passing of the insolvency legislation, the Governor’s office will also be monitoring the banking sectors engagement with distressed mortgage holders.

“The meeting will also look at how the residential property market is performing in terms of new mortgages,” said Deputy Lynch.

A properly functioning banking system which provides credit to businesses and individuals is vital for the operation of our economy. The meeting tomorrow will give Members a chance to engage with Governor Honohan and raise any issues or concerns they may have in relation to these matters.

The meeting will start in Committee Room 4, Leinster House at 2pm, and can be watched live online.

Directors from AIB and Bank of Ireland who were appointed to ensure bailed out banks act in the public interest found themselves questioned by the committee in December.

Read: Bank directors to be asked if AIB and BOI are acting in public interest>

Read: Banking sector saw rise in deposits, decline in lending in 2012>

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