Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 48: To ask the Minister for Finance if he will detail the exact procurement policy used by Irish Bank Resolution Corporation that precipitated the awarding of the retention agreement between a company (details supplied) and IBRC; and if he will make a statement on the matter. [9963/12]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. The Board and management of the Bank are responsible for the Bank's day-to-day commercial decisions including the appointment of strategic advisors. The appointment of the 'strategic advisory arm' of the company referred to in the question was made having regard for the Bank's procurement policy. The process followed by the management of the Bank, and ratified by the Bank's Board, was fully compliant with the Bank's Board approved Procurement Policy.

Details of the terms and purpose of the Bank's appointment of this advisor are commercially sensitive and the Bank will not be releasing further details on the matter.