Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I answered the Deputy's question on this matter yesterday. The scale and timeframe of the review is broader than the Siteserv transaction concluded by the board of IBRC in 2012. It is expected to cover the 30 or more transactions concluded by the board between 2009 and the liquidation of the bank in February 2013. The order provides:

The review shall consider all transactions, activities and management decisions ... between 21 January 2009 (being the date of the nationalisation of IBRC) and 7 February 2013 (being the date of the appointment of the special liquidators to IBRC) ... and which either:(A) resulted in a capital loss to IBRC of at least €10,000,000 during the relevant period; or

(B) are specifically identified by the Special Liquidators as giving rise or likely to give rise to potential public concerns, in respect of the ultimate returns to the taxpayer.

The purpose of the review is:

to investigate, in relation to each such decision, transaction and activity ... the processes, procedures and controls which were operated by IBRC in relation to Relevant Writeoffs ... whether there is prima facieevidence of material deficiencies in the performance of their functions by those acting on behalf of IBRC, including the IBRC board, directors, management and agents, in respect of any transactions, activities and management decisions identified under section 2 (A) and (B) above ... whether it can be concluded from any relevant documentation, data or interviews with relevant individuals as appropriate that any of the transactions were not commercially sound in respect of the manner in which they were conducted, the decisions made or the outcomes achieved having regard to the purposes of the Act as set out in section 3 of the Act.

I assume these include the reports to which Deputy Martin referred and that, in respect of decisions made, the review would have to take into account documentation or reports provided to the board of IBRC to allow it to make a decision in the first instance. I also assume that the purpose of the review as set out by the Minister will include an investigation of all matters relevant to decisions, transactions and activities. The Deputy referred to a specific report. I can ascertain whether that report is within the scope of the review for publication, although I assume from the order that it would be. I have read the documentation in respect of freedom of information.

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