Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I thank the Deputy for raising this matter. One of the most complex and largest investigations in the history of the State commenced in 2008 with the investigation by the ODCE into Anglo Irish Bank. The trial in the case ended when Judge Aylmer directed the acquittal of the defendant on all charges. Following Judge Aylmer's ruling on 23 May 2017, the then Minister for Business, Enterprise and Innovation requested a report from the Director of Corporate Enforcement on the issues arising from the trial. The report, to which the Deputy is referring, was delivered on 23 June 2017 to the then Tánaiste and Minister for Business, Enterprise and Innovation.

There has been extensive engagement with the Office of the Attorney General on the publication of the report. It was hoped initially that it would be possible to publish it. However, prior to making a final decision on publication, further consideration had to be given to the confidentiality obligations concerning information in the possession of the director, as there was a public interest in ensuring ongoing and future investigations would not be compromised by the disclosure of details of an individual investigation and the investigative process.

Owing to section 956 of the Companies Act 2014, I am prohibited from publishing reports prepared pursuant to section 955 of the Act. While it is not possible to publish the report, I have this afternoon published an account of the investigative shortcomings identified by Judge Aylmer. My aim in publishing the account is to set out the factors that led to the shortcomings in order that we can learn from them and take measures to address them. The focus of the account is on the ODCE's role in the shortcomings identified, not on the other parties involved in the case. In the interests of balance, it is important, however, to emphasise that the shortcomings in this instance should not overshadow the ODCE's track record in previous investigations and prosecutions which led to successful convictions. I accept that the standard of investigation in this case fell below appropriate standards. This happened between 2008 and 2012. The judge's findings point to the need for a broader skills base, a greater range and depth of knowledge and experience within the office and a greater appreciation of the necessity to employ appropriate procedures and manage risk.

Now that we know the factors that led to the shortcomings, our focus has shifted to ensuring we use the lessons of this investigation, note the steps already taken to address them and identify further measures to enhance the capacity of the ODCE to tackle corporate wrongdoing. Since the time of the investigation, the director has implemented multiple reforms within the ODCE that address many of the issues that led to the investigative shortcomings outlined by Judge Aylmer. The drafting of the companies (corporate enforcement authority) Bill to establish the ODCE as a stand-alone agency will build on these reforms and ensure the ODCE is better equipped to investigate increasingly complex breaches of company law. Furthermore, as part of the process of preparing the Bill, any further power identified as a requirement for carrying out the functions of the agency will be considered, as appropriate. I have secured an additional €1 million for the ODCE in 2019 to assist in its transition to a stand-alone agency.

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