Diarmuid Wilson (Fianna Fail) | Oireachtas source

I welcome the Minister to the House. The Fianna Fáil Party supports the Bill, which implements a series of specific legislative recommendations by the commission of investigation into IBRC. As the Minister indicated, the commission has encountered issues with legal and professional confidentiality which have impeded the completion of Its work. The Bill explicitly addresses these barriers and will enable the commission to issue a report by the already delayed October 2016 deadline.

The commission of investigation into IBRC was established in July 2015 following continuous calls by Fianna Fáil and other Opposition parties to uncover suspect actions surrounding the sale of Siteserv. The commission encountered fundamental legal barriers to successfully completing its work. Issues around legal privilege, professional secrecy, confidentiality and conflicts of interests were highlighted by the commission. As I stated, the Bill explicitly and solely addresses these issues, which should have been addressed when the commission of investigation was established, rather than during its work.

The Government initially vigorously resisted establishing a commission of investigation but retreated in the face of concerted public and political opposition. Fianna Fáil stated from the outset that the use of the Commission of Investigation Act 2004 would be necessary on account of a number of dubious activities around the Slteserv sale. The Government’s haphazard reaction was to grudgingly establish separate inquiries before finally conceding that it was necessary to use the Commission of Investigation Act.

It is important to briefly outline the reasons for the establishment of a commission of investigation into IBRC. Siteserv was sold by IBRC to a Denis O'Brien owned company at a loss to the State of €119 million. This loss was further reflected in other sales by IBRC. The commission must question and address the following questions arising from the Siteserv transaction. Why was there a surge in share dealing activity in Siteserv prior to its sale? Why were shareholders in Siteserv paid €5 million for an effectively insolvent company? Why were other bidders apparently excluded from the sale process? Was the Department of Finance kept fully informed of the sale process and what actions did departmental officials take on foot of concerns expressed about that process? Why did the Minister for Finance, Deputy Michael Noonan, not provide vital information in response to parliamentary questions tabled in the Dáil? This series of questions needs to be fully investigated and answered by the commission of investigation. I wish the Bill a speedy passage through the House because it is important that the commission of investigation reports without further delay.