Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I move:

“That Dáil Eireann:

notes that:— in 2012, Siteserv owed €150 million to Irish Bank Resolution Corporation, IBRC;

— in March 2012, IBRC sold Siteserv for €45 million;

— external trade buyers were excluded from the sale of Siteserv and there are questions about due diligence;

— some bidders were also excluded from the sale and may have saved the State some money;

— Siteserv shareholders received €5 million at the time of sale;

— there are genuine concerns about the sale of Siteserv for €45 million by IBRC; and

— Department of Finance officials have raised concerns about other IBRC sales as well;acknowledges:— the huge public concern about the sale of Siteserv;

— the dissatisfaction that information, obtained through freedom of information, FOI, highlighted that relations and trust between the IBRC and the Secretary General, as well as officials in the Department of Finance, had broken down; and

— there are now concerns about other sell-offs by IBRC;condemns the appointment of KPMG to undertake a review of transactions in IBRC as it advised Siteserv during the sale and there are public concerns about a possible conflict of interest; and

calls for an independent commission of inquiry to be set up to examine the circumstances surrounding and leading to the sale of Siteserv in March 2012, and other company sell-offs by IBRC so that the interest of the taxpayer can be fully protected and transparent.”

I wish to share time with Deputies Niall Collins, Micheál Martin, Timmy Dooley and Robert Troy.

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