Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

Is Mr. Makhlouf aware of the case of the Russian MDM bank that has merged with B&N, another Russian bank? The new entity is also called B&N. Shortly after the merger it had to have a massive bailout because MDM had significantly overstated its financial situation and had used the IFSC to do so. Again, this is something that Professor Jim Stewart and Cillian Doyle have written about. MDM had provided loans to off-balance sheet vehicles located in the IFSC, which then used the proceeds to purchase some of the bank stock of non-performing loans in order to improve the appearance of its balance sheet before the merger. Is Mr. Makhlouf aware of that and does he believe it is an isolated case? Is there at least the possibility of other financial entities, in Russia or elsewhere, using Ireland's shadow banking sector for such activities?