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

It was announced on 23 April 2015 that I would be directing 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 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. I am informed that the review will cover over 30 transactions.

On 27 April 2015, I formally announced the terms of reference for the review. A copy of the ministerial direction which includes the terms of reference can be found on the Department of Finance website. Retired High Court judge Mr. Justice larfhlaith O'Neill will monitor any actual or perceived conflict of interest with the review. The purpose of this review is to determine whether there is evidence of material deficiencies in IBRC's performance in respect of such transactions and related activities and management decisions and whether it can be concluded that 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 the report available to relevant committees of the Oireachtas.

It is important to note 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 the 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 stated, in order to manage or mitigate against any actual or perceived conflicts of interest, I have directed, with the agreement of the special liquidators, that they engage retired High Court judge Mr. Justice larfhlaith O'Neill to monitor any actual or perceived conflict of interest with the review. I am confident that this will ensure that the review process is robust.

The Joint Committee on Finance, Public Expenditure and Reform has requested a copy of the review upon completion. The review will be made available to the committee in line with the request.

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