John Perry (Sligo-North Leitrim, Fine Gael) | Oireachtas source

Given that the core assignment for IBRC was to deal with the toxic loan portfolios of both of these banks, can the witnesses tell the committee what relationship framework measures were put in place to manage the Department of Finance and the new IBRC, which was quite different? One must remember the timeframe. On 1 January 2009, Anglo Irish Bank was put into State ownership. On 31 March, the larger provision for bad loans required was reported to the Department of Finance. On 1 August 2010, Irish Nationwide Building Society was effectively nationalised. On 15 September 2010, the Government decided the bank would be wound down over a ten-year period. In November 2010, Mr. Moran led the development of the bank deleveraging plans for the IMF-EU-ECB memorandum of understanding. The 31st Dáil met on 9 March 2011. Mr. Moran joined the Department of Finance on 11 March as second secretary in charge of the banking area. On 1 July 2011 there was the court-mandated merger of Anglo Irish Bank and Irish Nationwide Building Society. The core assignment of the IBRC was completely different then because it was dealing with the toxic loans. The framework measures were put in place to manage the new relationship between the Department of Finance and IBRC. Specifically, what new measures were introduced to reflect the more difficult and complex challenges being assigned to IBRC?