Maurice Cummins (Fine Gael) | Oireachtas source

If the Senator would let me, he asked the question and I am trying to respond to the best of my ability and to give him facts rather than fiction. Upon receipt of the critical representations following the transaction, the Department of Finance officials agreed with the IBRC chairman and CEO in May 2012 that they would review the transaction involving Siteserv in greater detail to better understand the decisions taken and the impact these decisions had on the process and final recovery for the bank.

Through the review, which took place in June 2012, the Department of Finance officials were made aware of certain aspects of the transaction which raised concerns with the quality of some of the decisions taken in respect of the transaction, including concerns that legal advisers to Siteserv had also acted for the purchaser, that a payment had been made to the shareholders of Siteserv and that some of those shareholders were members of the board of Siteserv. A significant proportion of those shareholders appeared to be clients of Davy, which was the financial adviser to the transaction of Siteserv.

In the light of those concerns the shareholding management unit of the Department of Finance recommended that the chairman of IBRC commission an independent review of the transaction. This was included in the briefing note to the Minister prior to his meeting the chairman and CEO of IBRC. The Minister subsequently met the IBRC chairman and CEO to discuss the concerns regarding this transaction. The chairman and CEO confirmed that the legal advice was provided by two different teams within the law firm concerned and that the appropriate Chinese walls were in place between the two teams. They also made assurances that the payment to the shareholders was necessary to ensure a vote in favour of the deal. They made further assurances that the transaction had been thoroughly assessed by the IBRC board and was managed in the best manner possible to achieve the best result for the State.

Notwithstanding that the new relationship framework had been put in place, it was decided that a senior Department of Finance official would be seconded to IBRC to explore opportunities for deleveraging with a view to maximising the recovery for the taxpayer. This had the additional benefit of providing greater oversight while supporting the managerial team.

That comprehensively deals with that question and I hope Senator Ó Clochartaigh is happy with the answer. As regards Garda resources, which the Senator also raised, the Government is certainly dealing with this matter. We have reopened Templemore and there are up to 600 gardaí gone through Templemore since it has been reopened. We will continue to provide the resources that are necessary for the Garda.

Senator Burke spoke on the purchase of medication online and highlighted the risks. It is very important that people are aware of the risks of purchasing medication online as he has mentioned.

Senator Healy Eames raised mobility allowances and I suggest she propose a Commencement debate to deal with that matter and get a response from the Minister. The levy on banks is one of a number of actions being considered by the Government and I am sure it will deal with that soon. Senator Coghlan discussed the need for the Credit Review Office to become involved with the banks in respect of variable rates. Senator Craughwell spoke on Siteserv, which I have addressed. Regarding in-service training for teachers, the Minister has been actively involved in negotiations to resolve this dispute. It is regrettable that it is continuing and, while the Minister has indicated that she is willing to speak at all times, she has put her proposal and moved quite a lot on this issue. I hope there will be further engagements from the unions in this regard.

Senator Higgins proposed to amend the Order of Business: "That No. 13 be taken before No. 1". That is permission to publish this Bill and I certainly have no problem with accepting that amendment to the Order of Business.

Senator Brennan raised the increase in tourism figures, which have been astounding over the past year or so, and the efforts to bring more tourists from Australia. The Minister, Fáilte Ireland and everybody involved should be complimented on their efforts. They are doing a great job and long may it continue because it will be of tremendous benefit to the economy and the country.