Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Yesterday I asked the Taoiseach if the inquiry initiated by the Government into the IBRC and the Siteserv deal would cover the buying and selling of shares in the period in advance of the sale of Siteserv, and if we would have full transparency over who bought the shares and who benefited from the €5 million pay-out.

I also want to deal with the relationship between IBRC and the Department of Finance. The Government's press release is extraordinary in that it mentions concerns raised in the Dáil and elsewhere but omits the crucial issue of concerns raised at the highest level in the Department of Finance in terms of the operation of the IBRC.

In regard to the documentation and the reports in The Irish Timeslast Friday, has the Taoiseach read the freedom of information documentation? It reveals a fraught relationship and significant concerns civil servants were expressing about IBRC. Why is that core relationship not being addressed by the inquiry? For example, concerns were expressed about the appointment of Blackstone without a public procurement process. The core business of Blackstone is hoovering up distressed assets in situations like this. It was given full visibility to everything that was happening in IBRC. That will not be examined by the inquiry. Issues also arise in regard to the wealth management unit in IBRC.

I understand that William Frye solicitors were brought in to prepare a report on perceived conflicts of interest between IBRC itself and its wealth management entity. Will the Taoiseach ensure that the report is published? The Department expressed a number of concerns about business conduct, including the bank's relationship with big borrowers, pay and appointments. Topaz complained to the Department of Finance about the way in which IBRC was managing its portfolio. In respect of the Apthorp apartment complex in Manhattan, there was an adverse deviation from the normal valuation approach amounting to between €25 million and €50 million. An executive in IBRC raised the alarm about that deviation but his concerns were never brought to the attention of the board. That raises fundamental questions about good practice within the bank but while aspects of this might be addressed by the inquiry, the wider concerns expressed by the Department will not be considered. That is why a commission of investigation would be preferable. Will the issues pertaining to the shares be covered by the inquiry and will there be full transparency?

Why were we not told in 2012 about the relationship between the Department of Finance and the IBRC? Why were the public and the Dáil kept in the dark for so long? Will the Taoiseach take steps to ensure publication of the William Frye report on perceived conflicts of interest and overlapping interests between IBRC wealth management and the bank itself? Has he read the FOI documents on these matters?

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