Oireachtas Joint and Select Committees

Thursday, 14 December 2017

Public Accounts Committee

2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation

9:00 am

Mr. Des Carville:

There are certain parts of a contract like this that are specific and germane only to this special liquidation, but there are other swathes within the contract that would be common to similar contracts. When I use the phrase "similar contracts", I mean where the State is contracting a third party such as an accountancy or law firm or investment bank. The other side has very sophisticated legal advisers behind it. It is always trying to drive the best deal that it can get. That is fine, because that is what it is entitled to do. Our job and that of our legal advisers is to try to protect the interests of the State, and I believe that disclosure would-----

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