UCD economist Colm McCarthy, comptroller and auditor general Seamus McCarthy, and US economist Megan Greene are three of the nine members of the ad-hoc advisory group announced today to assist in the impending banking inquiry.

The group, which will work on a pro-bono basis, will assist the Oireachtas Banking Inquiry committee in preparing a detailed proposal for the banking inquiry for submission to the CPPs of both Houses by September 17th 2014.

The other members of the group are: Pat Casey, principal officer (Department of Finance);Paul Gorecki, adjunct professor of economics, Trinity College Dublin (Research Affiliate ESRI); Cathal Guiomard, economist, former Aviation Commissioner for Ireland; Conor McCabe, research fellow, UCD School of Social Justice; Rafique Mottiar, consultant economist (Central Bank); and John Shaw, assistant secretary (Department of the Taoiseach).

Committee chairman Ciarán Lynch said that the group had its first meeting yesterday when members were briefed on the work of the committee and the legal and procedural framework for the inquiry. There was also a preliminary discussion on the potential scope of the inquiry.

The group will meet again on Friday July 11th, Friday July 18th and Tuesday July 22nd and an interim report will be given to the committee at its meeting on Wednesday July 23rd.

The Committee also examined potential costs and administrative and logistical issues in relation to the inquiry.

Deputy Lynch said: “A key issue for members is that expenditure related to the inquiry should be kept to a minimum and that the operation of the inquiry should at all times be cost effective, efficient and reasonable and the Committee will keep estimates of costs under continued review.”