Gerry Adams (Louth, Sinn Fein)
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Question 181: To ask the Minister for Finance further to Parliamentary Question No. 146 of 14 February 2012, if he is satisfied that no conflict of interest arises between IBRC retaining the services of the strategic advisory arm of a company (details supplied) to advise on asset sales while the investment arm of the company bids to purchase these same assets; from whom IBRC received independent advice on the appointment; if this advice will be made public; and if he will make a statement on the matter. [9690/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been assured by the bank that no conflict of interest arises from the retention by IBRC of the advisors referred to in the Deputy's question.

I can confirm that FTI Consulting provided independent advice to the Bank in relation to the appointment of the strategic advisory arm of the company referred to in the question. Specifically FTI advised the bank in relation to the absence of any conflict of interest between the engagement of the advisory arm of the company and the possibility of the investment arm of that company bidding for assets. FTI consulting were similarly engaged for the Bank's successful sale of its US loan portfolios in 2011 to ensure that the sale process was open, fair and transparent and that established procedures were followed.