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

I propose to take Questions Nos. 1 to 4, inclusive, together.

The only commissions of investigation for which I am the specified Minister under the Commissions of Investigation Act 2004 are the Irish Bank Resolution Corporation Commission of Investigation and the National Asset Management Agency Commission of Investigation, both of which are fully independent.

The IBRC Commission of Investigation was established in June 2015 following consultation with Oireachtas parties. It is investigating certain transactions, activities and management decisions at the IBRC and in its first module, it is investigating the Siteserv transaction. Its original deadline was 31 December 2015 but following multiple requests from the commission, and after consultation with Oireachtas parties, its timeframe for reporting has been extended. Most recently, I granted a further extension, this time until the end of August 2022, following a further request from the commission in its 11th interim report dated 11 March 2022.

From the time of its establishment to the end of February 2022, the commission has cost approximately €11.15 million, excluding third party legal costs that have been incurred but not yet paid which will be a matter for the commission to determine at the end of its investigation. In its seventh interim report in February 2020, the commission estimated that the final cost of the Siteserv investigation will be between €12 million and €14.5 million. This estimate assumed the investigation would be completed by the end of 2020, not the end August 2022 as is now the case, and excluded costs or delays associated with possible judicial review hearings. The commission also acknowledged that it involved a substantial degree of uncertainty regarding the amount of costs actually recoverable by the parties before it and assumed its legal costs guidelines are not successfully challenged. The commission's most recent interim report does not provide any update on the €12 million to €14.5 million estimate but my Department has given its view on many occasions that the final cost is likely to significantly exceed the commission's estimate and could exceed €30 million. That is what my officials advise and the further extension of its timeline, as well as the commission's acknowledgement of the possibility of court challenges, further supports that view.

The NAMA commission was established in June 2017 following consultations with Oireachtas parties to investigate the sale by NAMA of its Northern Ireland portfolio, known as Project Eagle. Its original deadline for reporting was 31 June 2018 but following several requests from the commission and consultation with Oireachtas parties, its timeframe for reporting has also been extended. Most recently, earlier this month, I granted a further request for an extension, this time until the end of June 2022.

From the time of its establishment to the end of February 2022, the commission has cost approximately €4 million, excluding any third party legal costs incurred but not yet paid which will be considered by the commission at the end of its investigation. The estimated cost for the commission when it was established was approximately €10 million, excluding the cost of any litigation that may arise. The commission has not provided an updated estimate for the cost of its investigation but the expenditure incurred to date suggests it is unlikely to exceed the original estimate.

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