David Stanton (Cork East, Fine Gael) | Oireachtas source

I thank the Senators who contributed to the debate. As I said in my opening speech, the Government wants an effective, efficient and timely investigation into the issues of significant public concern which have arisen relating to certain transactions conducted by IBRC.

I acknowledge the very substantial preparatory work carried out by the sole member of the commission to date and which is set out in the interim reports and determinations published to date. The sole member of the commission acknowledges the significant task facing the commission in his reports. The Bill's provisions seek, to the greatest possible extent, to facilitate the commission in conducting its work, to ensure that the information and documents sought by the commission will be made available to it and to provide for a more efficient management of the workload where possible.

Senator Wilson suggested that the difficulties addressed by the Bill should have been dealt with at the time of the establishment of the commission. The issues being addressed today only came to light during the preparatory work of the commission itself. These are set out in detail in determination 1 published in November 2015. Following that determination by the commission, the Government immediately engaged in consultation with the Opposition to address the problems identified by the commission.

I welcome Senator McDowell's support for the Bill. He also raised a number of concerns which highlight the need for the investigation. I acknowledge Senator Conway's support for the Bill. I assure him and all Members of the House that the provisions of the Bill fully address the commission's concerns and that there has been extensive consultation with the sole member in developing these provisions. The commission also confirms in the second interim report that while the special liquidators initially claimed legal professional privilege over a number of documents furnished to the commission, the special liquidator subsequently, following a request from the commission, informed the commission that it was willing to waive that privilege in respect of the Siteserv transaction. The commission is satisfied that the issue of privilege in respect of the Siteserv transaction has been resolved.

Regarding the issue of the commission's workload, Senator Bacik is correct that section 5 will address the concerns raised by the commission in its report, including any conflicts of interest.

I again thank the Members for contributing to the debate and look forward to the passage and enactment of the legislation.