John Perry (Sligo-North Leitrim, Fine Gael)
Link to this: Individually | In context | Oireachtas source

On 1 July IBRC formed a court-mandated merger of Anglo Irish Bank. In the autumn of 2011 Siteserv could not repay a debt of €150 million to IBRC. It went to the market and IBRC hired Walter Hobbs to supervise the sale. This is in the period all of these appointments were being made.

On 9 March 2011 the 31st Dáil met and new members of the Government were appointed. In March 2011 Mr. Moran joined the Department of Finance as second Secretary General in charge of banking. On 1 July there was the court-mandated merger of Anglo Irish Bank. On 6 October Mr. Cardiff became the Government's nominee to the European Court of Auditors to commence in February 2012. The closing date for the receipt of applications for the position of Secretary General was 24 November. On 21 December Siteserv's stock closed unchanged at 2 cent. On 31 December Siteserv's stock hit a 52-week low of 1.5 cent. On 31 January 2012 it closed unchanged at 1 cent. In January 2012 the first media reports surfaced that Siteserv could be sold for less than its €150 million debt. On 15 January the Sunday Independentreported that Davy and KPMG were seeking a new owner for Siteserv, that it would be sold at a significant discount on its bank debt of €150 million and that a bidding process was already under way. The shareholder stock was almost at zero and it was unlikely any payment would be received.

In early 2012 there were 12 bids for Siteserv. On 2 February Mr. Cardiff officially left his post and on 22 February Siteserv's stock increased by 0.9 cent or 45% for the second consecutive day. On 22 February Siteserv's stock crashed. On 28 February it soared to 0.5 cent. On 1 March the Secretary General left his post having been appointed to the European Court of Auditors. On 6 March The Irish Timescarried a report on the new Secretary General, Mr. John Moran. It was stated Mr. Dukes had said he had had private conversations about a wish to join the IBRC board shortly before he became Secretary General. Is that correct?