Paudie Coffey (Waterford, Fine Gael) | Oireachtas source

I thank all Deputies who have made a contribution to this evening's discussion. Having listened to the debate, the Minister for Finance is of the view that there is some common ground on both sides of the House in this matter. We are agreed to various degrees that in light of the recent concerns raised before the Houses of the Oireachtas and elsewhere regarding the Siteserv transaction and the public discourse it has caused surrounding the handling of other transactions undertaken by IBRC, a review into certain transactions is needed to serve the public interest. This review and subsequent 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.

The Minister for Finance has directed the special liquidators of IBRC to review certain transactions which occurred between 21 January 2009, the date of the nationalisation of IBRC, and 7 February 2013, the date of the appointment of the special liquidators to IBRC. The review will cover transactions that resulted in a capital loss to IBRC of at least €10 million during that period or that 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. It is expected that there will be at least 30 transactions which will fall under the scope of this review.

The Minister for Finance stresses the commission of the review and report is to serve the public interest in light of recent speculation, and is not being undertaken as the result of any evidence that such deficiencies existed or that transactions were not commercially sound. The motion before the House seeks to derail the review process already set up. Some Members of the House have suggested the special liquidators should not have been appointed to undertake the review. The Minister is strongly of the few that 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 powers set out under the IBRC Act which allows the Minister for Finance to make this direction in the public interest.

As the Minister said, to manage and-or mitigate against any actual or perceived conflicts of interest, he has directed, with the agreement of the special liquidators, that retired High Court judge, Mr. Justice Iarfhlaith O'Neill, will monitor any actual or perceived conflict of interest in the review. The Minister for Finance is confident this will ensure the review process is robust and addresses concerns expressed on the other side of the House surrounding possible conflicts of interest.

The Minister thanks the Deputies for this constructive and helpful debate, and assures them the review process into certain transactions in IBRC, which the special liquidators have been engaged to conduct, will be conducted in a professional manner, with any actual or perceived conflict of interest in the review being monitored by retired High Court judge, Mr. Justice Iarfhlaith O'Neill. The report will be available on 31 August 2015 and will be made available to relevant committees of the Oireachtas at that stage.

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