Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I propose to take Questions Nos. 17 and 18 together.

Following consultations with the Opposition parties by the then Minister for Finance, the commission of investigation into IBRC was established in June 2015. Mr. Justice Brian Cregan, a judge of the High Court, is the commission's sole member.

In November 2015 the commission made determinations that banker-client confidentiality and legal professional privilege applied to certain documents supplied to it. The commission also requested a number of changes to its terms of reference.

The then Taoiseach invited views from the Opposition parties on the issues arising. Following consultations with them, the Commission of Investigation (Irish Bank Resolution Corporation) Act 2016 was passed by the Oireachtas in July 2016. The Act is bespoke legislation giving a new legal basis to the commission's investigations.

Following consultations with the Opposition parties, the commission's terms of reference were also amended by the Oireachtas and now provide that the commission will, in its first module, investigate the Siteserv transaction which has been identified in Dáil Éireann as a matter of significant public concern.

The commission is entirely independent in its work. I have no information on the status of its investigation, other than on administrative matters, for which I am responsible as the specified Minister under the Act.

Last December, following a request from the commission and after consultation with the Opposition parties, I extended the timeframe for the final report on the first module of its investigation to the end of December 2018.

As of the end of January 2018, the commission had spent just over €3 million. This figure includes salaries for the commission's staff, legal fees for counsel engaged by the commission and the commission's administration requirements. However, it does not include the significant third party legal fees and costs incurred that will arise for payment in due course. In its fourth interim report which I published and laid before the Oireachtas in December 2017 the commission did not make any estimate of the likely cost of the first module of its investigation. However, during consultations with the Opposition parties last November my Department provided a tentative estimated final cost for the commission of between €20 million and €25 million, based on the current rate of expenditure, the extended timeframe for its work, the risk of further delays, as well as the significant third party legal and other costs that may arise.

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