Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I raise with the Minister for Jobs, Enterprise and Innovation, Deputy Richard Bruton, the ongoing debate around the commission of investigation into issues pertaining to IBRC and the need for absolute clarity in relation to the terms of reference the Government has proposed and guarantees that they cover key issues. The heart of this goes back to concerns raised by civil servants in the Department of Finance on the governance at IBRC. Thanks to the painstaking efforts of Deputy Catherine Murphy, we learned of that through freedom of information and parliamentary questions. At the heart of the concerns was a sense that IBRC was being mismanaged, that there were governance issues at the very heart of it and, for example, that departmental officials had concerns about the relationships between big borrowers and key personalities within the management of IBRC, including the CEO, Mr. Aynsley, Mr. Hunerson and, indeed, Mr. Woodhouse. This is all minuted in departmental information files. In responding to assertions by the Department as to whether relationships were too close - this involved Mr. McKillen, Mr. O'Brien and others - Mr. Aynsley said, "They are strong but not inappropriate" and "I might have had four of five dinners or lunches with them". That is how he responded.

Why I raise that is because yesterday evening in the Dáil, Deputy Pearse Doherty raised - Deputy Catherine Murphy raised it last week and the week before - the so-called loan extensions that Mr. O'Brien sought, which are being disputed. The terms of reference refer to contractual relationships. In the context of the loan extensions, Mr. O'Brien apparently argued that he had a verbal assurance with Mr. Aynsley and Mr. Woodhouse. The bottom line is that it seems to be a bit unclear as to whether that verbal assurance is covered by the terms of reference and by the phrase "contractual relationships". The language used in the terms of reference is tortuous. We asked for "governance at a macro level" to be put in and while that is done, it is qualified in the manner in which it is put in. The same applies to this issue. Last night, the Minister for Finance said in response to Deputy John McGuinness that it is covered by the terms of reference. I ask the Minister, Deputy Bruton, to give an assurance to the House between now and the close of the debate that the Government will come forward with language in the form of an amendment that makes it absolutely clear that the issue of the loan extensions moving into the liquidator's sphere and period is absolutely covered by the terms of reference, as are the other issues that we have alluded to.

See this speech in context