Catherine Murphy (Kildare North, Independent) | Oireachtas source

The independent person appointed by IBRC was himself a former director of IBRC. The person who acted for Davy in the sale and now works in the shareholder management unit at the Department of Finance was a former KPMG employee. KPMG's Kieran Wallace and Eamonn Richardson were sued by Mike Aynsley, Tom Hunersen and Richard Woodhouse, following the winding up of IBRC.

KPMG's own global code of conduct states specifically that it must maintain independence and objectivity and avoid actual or perceived conflicts of interest. By having KPMG undertake this process, it has undermined the process right from the word go. Of course, KPMG acts for the person who owned the process as auditor in Topaz, Communicorp, Independent News and Media and the Beacon Hospital.

There are other elements of the Siteserv transaction which need to be explored and which the terms of the review do not cover. For example, the Sunday Independentreported that it asked the CEO of Siteserv at the shareholders' meeting on 5 April 2012 whether the CEO had significant personal borrowings from IBRC. It is essential that any inquiry take a look at how those loans played out after the process and after a significant amount was paid to him. The ultimate buyer of Siteserv was one of the largest debtors of IBRC. His loans had expired and he had apparently written to Kieran Wallace in his role as special liquidator seeking the same terms IBRC had allowed him, which was to pay off his loans in his own time at low interest rates. When a loan expires, one expects a penalty to be put onto it, not a discount. My understanding is that it was costing IBRC 7% for its money, significantly higher than the 1% NAMA was borrowing at. Even if Denis O'Brien's loans were eventually paid off in full-----

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