The future of the Irish banking system will be under scrutiny today when the head of the central bank meets members of the Oireachtas.
With global fears of recession and the US-linked credit crunch affecting financial confidence, Governor John Hurley will give evidence before a joint finance committee of deputies and senators in Dublin. He will brief members on last year's Financial Stability report. In the autumn he said although risks to financial stability have increased, the overall shock absorption capacity of the Irish financial system remains robust and the system is well placed to cope with emerging issues. Officials from the Financial Regulator will also brief the committee. Meanwhile, the Joint Committee on Arts, Sport, Tourism, Community, Rural and Gaeltacht Affairs will be considering cocaine abuse in a special session with Minister of State for Drugs Strategy Pat Carey. Last month's death of 24-year-old model Katy French from heart failure highlighted the issue after she admitted to past cocaine abuse. Earlier this year it emerged cocaine was a factor in almost a third of all inquests into drug-related deaths heard in Dublin in 2007, according to statistics released yesterday by the coroner. In July the biggest cocaine haul in the history of the state was made off the Co Cork coast- around 107m euro. The drugs were found as rescuers searched for men who went missing after an inflatable dinghy capsized.