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

I thank the Deputy for her question. In light of the recent concerns raised in the Houses of the Oireachtas and elsewhere regarding the Siteserv transaction and the public discourse this has caused surrounding the handling of other transactions undertaken by IBRC, I have 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. The retired High Court judge Mr. Justice Iarfhlaith O'Neill will monitor any actual or perceived conflict of interest with the review. I am informed that the review will cover over 30 transactions.

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. 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.

I want to 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 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 said, 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 retired High Court judge Mr. Justice Iarfhlaith 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.

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