Catherine Murphy (Kildare North, Independent)
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86. To ask the Minister for Finance if he will indicate, with respect to a person (details supplied) seconded to the Irish Bank Resolution Corporation from September 2012, the reports, this person prepared during his tenure at the corporation; if he will make copies of these reports available; if that person's remit was to examine decisions prior to his deployment; the recommendations that person made with respect to transactions proposed by the corporation during his tenure; if that person's intervention led to changes, or to the abandonment of any proposed transaction; if he will provide details of same; and if he will make a statement on the matter. [15104/15]

Michael Noonan (Limerick City, Fine Gael)
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On 7 September 2012 it was announced to all staff in IBRC that the person referred to in the question was to be appointed as the Bank's new Head of Market Solutions on secondment from the Department of Finance, commencing the role on 2 October 2012. The person referred to in the question brought over 20 years experience in domestic and international wholesale banking to the role.

The responsibilities of the person referred to in the question included:

- Membership of the Bank's Group Executive Committee (GEXCO);

- Membership of the Transaction Review Committee;

- Contribute to the strategic leadership of the Bank;

- Analyse existing investments within the portfolio, critically assess business plans, operations, management, processes, risks, and opportunities;

- Structure/restructure loans/investments from an optimal financial perspective, negotiate the structure and preferred terms;

- Identifying and developing deal opportunities with external investors and financiers that meet the various strategic and financial objectives of the Bank in wind down;

- Build and maintain dialogue with potential investors and counter-parties to establish market opportunities and viable transaction options that assist the Bank meeting its wind down objectives;

- Engagement will be across private equity funds, credit opportunity funds, real estate funds and sovereign wealth funds as well as banks and other providers of credit in the European markets;

- Work with asset recovery teams;

- Appoint brokers/advisors in accordance with the Bank's procurement and compliance policy;

- Team management, and;

- Lead the execution of transactions and engage with counter parties while involving internal group functional groups as well as external service providers.

The person referred to in the question was not party to any planning, preparation or discussions surrounding the ultimate liquidation of IBRC in February 2013.

While the person referred to in the question remained an employee of the Department of Finance during his secondment to IBRC, he worked solely for IBRC during this time with the Market Solutions team and heads of departments to ensure accurate data, information, due diligence and, if appropriate, disposal options for the portfolio. The work completed by the person referred to in the question, including all reports and proposals, was prepared and considered by the IBRC management/committees and, where appropriate, Board as part of the operation of the Bank.

Details of any transactions which the person referred to in the question worked on during his secondment to IBRC are not held by this Department as these were matters for the Bank at that time.

Catherine Murphy (Kildare North, Independent)
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87. To ask the Minister for Finance if he will indicate, with respect to a person (details supplied) seconded to the Irish Bank Resolution Corporation from September 2012, the reason such an appointment was made, if the Minister was, as he has stated numerous times, satisfied that transactions at the corporation were being carried out in the best interests of the taxpayer, in particular, the transaction involving the sale of a company (details supplied); his views that some decisions at the corporation were questionable, as to whether the taxpayers' interests were fully served, and that is the reason the secondment in question was made; and if he will make a statement on the matter. [15105/15]

Michael Noonan (Limerick City, Fine Gael)
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In September 2012 it was announced to all staff in IBRC that the person referred to in the question was to be appointed as the Bank's new Head of Market Solutions on secondment from the Department of Finance, commencing the role on 2 October 2012. This move was decided during a meeting between John Moran and the then CEO of IBRC in August 2012. Given the banking experience of the person referred to in the question it was decided that he would be seconded to IBRC to explore opportunities for deleveraging with a view to maximising the recovery for the taxpayer. This had the additional benefit of providing greater oversight while supporting the management team.

The responsibilities of the person referred to in the question included:

- Membership of the Bank's Group Executive Committee (GEXCO);

- Membership of the Transaction Review Committee;

- Contribute to the strategic leadership of the Bank;

- Analyse existing investments within the portfolio, critically assess business plans, operations, management, processes, risks, and opportunities;

- Structure/restructure loans/investments from an optimal financial perspective, negotiate the structure and preferred terms;

- Identifying and developing deal opportunities with external investors and financiers that meet the various strategic and financial objectives of the Bank in wind down;

- Build and maintain dialogue with potential investors and counter-parties to establish market opportunities and viable transaction options that assist the Bank meeting its wind down objectives;

- Engagement will be across private equity funds, credit opportunity funds, real estate funds and sovereign wealth funds as well as banks and other providers of credit in the European markets;

- Work with asset recovery teams;

- Appoint brokers/advisors in accordance with the Bank's procurement and compliance policy;

- Team management, and;

- Lead the execution of transactions and engage with counter parties while involving internal group functional groups as well as external service providers.

In relation to the transaction involving the sale of the company referred to in the question, as the deputy is aware, it was after officials in my Department received critical representations following the transaction involving the sale of the company referred to in the question that it was decided that Department of Finance officials would review the transaction in greater detail to better understand the decisions taken and the impact these decisions had on the process and the final recovery for the bank. 

At a meeting which I attended along with officials from my Department on 25 July 2012, senior management of IBRC assured me that the transaction involving the sale of the company referred to in the question had been thoroughly assessed by the IBRC Board and that the transaction was managed in the best manner possible to achieve the best result for the State. 

Neither I nor officials from my Department reviewed all of the transactions undertaken at IBRC; as the Deputy is aware, a Relationship Framework dated 8 July 2009 was in place at the time the Board of IBRC approved the sale of the company referred to in the question. Under this Relationship Framework, the Board of IBRC were required to engage with the Minister for Finance on certain key issues which included "any material acquisitions, disposals, investments, realisations or other transactions, other than in the ordinary course of Anglo Irish Bank's banking business." It should be noted that this Relationship Framework did not include any specific monetary thresholds which would trigger mandatory consultation with the Minister for Finance. It should also be noted, that at that time, the ordinary course of the Bank's business was to conduct an orderly run-down and ultimate liquidation of the Bank.

The revised Relationship Framework and Operational Protocol which was put in place on 29 March 2012 contained specific financial thresholds which would, from that date on, trigger mandatory consultation with the Minister for Finance for qualifying transactions. Again, any transactions outside these financial thresholds were deemed within the ordinary course of the Bank's business and it was not required that I or officials in my Department were made aware of them.