Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank all the participants in this debate for their constructive participation. I have listened carefully to their concerns around the terms of reference of the commission of investigation and am confident they are largely addressed in the revised terms of reference. I will respond to some of those concerns, but before I do so, I draw attention to the discussion this evening about the details of specific customers and specific transactions and decisions taken by IBRC. The public concern being generated by these allegations is precisely the reason we are initiating this commission of investigation. Under the 2004 Act, the justification for such inquiries is public concern and public interest considerations. As I mentioned to Deputies in the Dáil, I encourage Senators who have received information that may be a cause for further public concern to bring these concerns to the attention of the judge.

Concerns focus on the role of the Department and political oversight by my predecessor, the late Brian Lenihan, and me. I assure Members who have raised similar concerns that under paragraph 2(f) of the terms of reference, the judge will be in a position to exercise judgement as to whether the Department and the Ministers took appropriate steps with the information provided. The concerns raised yesterday and repeated here this evening are covered by the current terms of reference. The commission shall investigate all transactions, activities and management decisions during the relevant period which are identified by the commission as giving rise or as being likely to give rise to potential public concern. This addresses the issue of managerial decisions and verbal agreements between IBRC and borrowers which have been discussed at length.

The terms of reference were broadened following consultation to include any situation where a contractual obligation, either written or oral, was entered into prior to the liquidation of IBRC but was not executed until after the liquidation. It is not the intention of the Government to restrict the commission's investigation into transactions, activities and managerial decisions of IBRC that have given rise or are likely to give rise to potential public concerns. I have already confirmed that the circumstances relating to a verbal agreement before the liquidation of the bank are within the scope of the terms of reference. I gave this assurance following consultation with the Attorney General and her office. In effect, this is the information put on the record of the Dáil last night by Deputy Pearse Doherty. According to the Attorney General, after consultation with her office and examining the Deputy's statement and the documents he provided to the office of the Taoiseach, this is within the terms of reference and will be pursued by the judge.

The other suggested amendments are largely included in the terms of reference following our productive consultations. Earlier today, I announced that retired High Court judge, Mr. Justice Daniel O'Keeffe, has agreed to serve as chairperson of the commission of investigation. I express my appreciation to him for agreeing to serve in this important role. I am confident that his strong commercial background as a chartered accountant and former chairman of the Irish Takeover Panel will be very helpful in the work of the commission.

Finally, I again thank all the Senators who contributed to this debate. I am confident that the majority of their concerns are addressed in the revised terms of reference and I look forward to the commission beginning its work. There has been much talk of openness and transparency and whether things would be in a better position if information was given by me as Minister. Apart from the speech made by Deputy Catherine Murphy, which was the subject of two High Court cases, every other fact on which everyone is building a case was provided by me either by way of reply to parliamentary question or through freedom of information. No investigative Deputies have produced new facts, there has been no information on the record, and the case made by Deputies who are friendly and Deputies who are hostile to me personally has been built on the facts I have put out. I have exercised my functions as a Minister because I have provided the facts and have done so fully.