Enda Kenny (Mayo, Fine Gael) | Oireachtas source

On the contrary. As I have said to the Deputy, the framework structure set up by the previous Government meant there was no connection or no interference or questioning from the Department of Finance in respect of these major transactions, nor was it compulsory that the Minister for Finance of the day would be informed. That was the situation that applied when the sale of the company in question happened.

When he got the opportunity, the Minister for Finance, Deputy Noonan, changed that structure to make it mandatory that he would be informed of major financial transactions by IBRC. The documentation that was released under freedom of information to the journalist who requested it was posted on the Department of Finance website. That is a record, if you like, of the issues of concern to the Minister and the Department at the time and of the actions taken to ensure the best interests of the taxpayer were protected. The documents confirm that the chairman of IBRC provided the Minister for Finance and the senior officials he appointed with strong assurances that the transaction involving Siteserv, including those aspects of the transaction with which the Department officials had concerns, had been thoroughly assessed by the IBRC board - this was confirmed by the chairman - and that the board of IBRC was satisfied that the transaction was managed in the best possible manner to achieve the best result for the State. It should be noted that IBRC had a fiduciary responsibility to the bank's shareholders and in light of that legal responsibility, the chairman and the board would have considered and provided such assurances, following careful consideration of the issues.

In light of the assurances the Minister for Finance received from the chairman that this transaction had been properly considered by the IBRC board, assurances he accepted, the Minister and his officials took steps in line with the improved relationship framework to ensure the Department's role of challenging the board and the executives of IBRC was in the best interests of the taxpayer and was strengthened by the actions the Minister took. Clearly, the Minister kept the Government informed of the progress that was being made in respect of the negotiations on the famous promissory notes, an issue the Deputy has raised on many occasions, which because of that legacy required that the Government would have to raise €3.1 billion every March to pay interest that was due. That matter was brought to a conclusion following those negotiations.

All of these matters will be part of the documentation now sent in by the special liquidator to the Minister, with the independence of a High Court judge to adjudicate on any perception of conflict of interest. The Dáil, the Committee of Public Accounts and other appropriate Oireachtas committees will consider that report, where all the information is available. If people have further concerns following that, considering there has been an analysis by the IBRC board, by the Central Bank and now by the special liquidator under the direction of the Minister, we can have a further analysis, if the House wishes, by the Comptroller and Auditor General. I am sure everybody has complete trust and faith in that independence.

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