Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I will take back a little time.

The review will cover transactions that resulted in a capital loss to IBRC of at least €10 million during that period or which are specifically identified by the special liquidator as likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer. Retired High Court judge, Mr. Justice larfhlaith O'Neill, will monitor any actual or perceived conflict of interest with the review. The review and report will evaluate whether there is any evidence of material deficiencies in the performance of their functions by those acting on behalf of IBRC, including the board, directors, management, employees and agents of IBRC and whether it can be concluded that any of the transactions were not commercially sound. I have asked that the special liquidators carry out this review and provide a report of their findings before 31 August 2015. Following this, I will make this report available to relevant committees of the Oireachtas. If the committees still have concerns, they may proceed as they see fit.

I stress that the commission of this review and report is to serve the public interest in light of recent speculation and is not being undertaken as a result of any evidence that such deficiencies existed or that transactions were not commercially sound. The special liquidators are best placed to undertake such a review thoroughly and expeditiously given their access to all books and records of IBRC, the resources at their disposal to conduct such a review and the power set out under the IBRC Act, which allows me to make this direction in the public interest. As I have said, in order to manage and-or mitigate against any actual or perceived conflicts of interest, I have directed, with the agreement of the special liquidators, that retired High Court judge, Mr Justice larfhlaith O'Neill, monitor any actual or perceived conflict of interest with the review. I am confident that this will ensure that the review process is robust.

As mentioned, I have given the special liquidators a deadline of 31 August 2015 to complete the review and report their findings. I have already received correspondence from the Joint Committee on Finance, Public Expenditure and Reform requesting a copy of the full report once completed and a copy will be made available to the committee for its consideration. Depending on the findings of the review, further investigations will be initiated as and if appropriate. The Government is fully committed to taking whatever steps are deemed necessary to facilitate this, including legislative change.

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