David Stanton (Cork East, Fine Gael) | Oireachtas source

I thank the Members of the House and those who contributed to this debate today. As I said when I presented the Bill, the Government wants an effective, efficient and timely investigation into the issues of significant public concern which have arisen in relation to certain transactions conducted by the IBRC. It is evident that this aim is shared across this House and I thank again those Members involved in the consultations which led to these provisions.

I also acknowledge the very substantial preparatory work which has been carried out by the sole member of the commission to date and which is set out in detail in the interim reports and determinations published to date. It is also clear that there is a very significant task facing the commission and the sole member of the commission acknowledges this in his reports. The provisions contained in the Bill before the House today seek, to the greatest extent possible, to facilitate the commission in conducting its work, to ensure that the information and documents sought by the commission will be made available to it, and to provide for a more efficient management of the workload where possible.

I will now turn to some of the issues raised in the debate. Deputy Calleary outlined a number of issues relating to transactions carried out in IBRC which have rightly given rise to significant public concern and which the IBRC commission is charged to investigate. The Bill today will enable that investigation and address the issues with the 2004 Act which the commission raised in relation to a particular investigation.

Deputy Cullinane stated that this Bill was the result of a rushed and flawed legislation but this commission was established under legislation dating from 2004. The issues raised by the commission concern the 2004 Act and not the IBRC Act of 2013. The commission identified that, in the nature of this particular investigation, the sole member lacked certain powers under the 2004 Act, though not under the 2013 Act. The commission also confirms in the second interim report that, while the special liquidators initially claimed legal and professional privilege over a number of documents furnished to the commission the special liquidators, following a request from the commission, they informed the commission that they were willing to waive that privilege in respect of the Siteserv transaction. The commission is satisfied that the issue of privilege in respect of the Siteserv transaction has been resolved.

The Government and I share Deputy Burton's wish to see a speedy investigation by this commission. The provisions of this Bill are drafted to assist an efficient and, more important, an effective investigation. I assure the Deputy that the powers which she called to be given to the commission are included in the Bill.

In response to Deputy Paul Murphy, the intention is to amend the terms of reference to introduce a modular approach with a focus in the first phase on Siteserv, and this was welcomed by a number of Deputies including Deputy Murphy. Deputy Boyd Barrett asked why it had taken so long to identify matters which delayed the investigation. The sole member of the commission published his first interim report in November 2015, identifying the matters which were hampering the investigation. There was a period of consultation with the Opposition and with the commission to ensure the concerns of the commission were met as far as possible. At the beginning of June it was agreed to proceed with the provisions contained in this Bill.

I acknowledge the excellent and outstanding work of Deputy Catherine Murphy which led to the establishment of this commission. I say to her, "Well done". She raised a question about the circulation of the report. Initially, the draft report will be made available to all persons identified in the report with regard to whom there is an adverse finding, and the final report will be submitted to the Minister, in this instance the Taoiseach, under the 2004 Act. He is required to publish the final report as soon as possible unless it has to be referred to the High Court for any directions. Deputy Catherine Murphy also raised matters relating to the stock exchange but this Bill addresses the commission's concerns in respect of obtaining documents from that source.

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