Lucinda Creighton (Dublin South East, Independent)
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273. To ask the Minister for Finance further to Parliamentary Questions Nos. 71 and 72 of 13 May 2015, the reason the scope of the transaction review conducted by the special liquidators of the Irish Bank Resolution Corporation is limited at €10 million; the way he arrived at the figure €10 million; and if he will make a statement on the matter. [20141/15]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the Review which I have directed the Special Liquidators to undertake shall consider all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency, which occurred between 21 January, 2009 (being the date of the nationalisation of IBRC) and 7 February 2013 (being the date of the appointment of the Special Liquidators to IBRC), and which either:

(A) resulted in a capital loss to IBRC of at least €10 million during the Relevant Period; or

(B) are specifically identified by the Special Liquidators as giving rise or likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer.

The capital loss threshold of €10 million as set out in the scope of the Review was considered in the context of and is significantly less than the €100 million threshold set out in the March 2012 Relationship Framework between the Minister for Finance and IBRC. It was felt that this capital loss threshold would capture a meaningful number of significant transactions that occurred over the period in question while also allowing the processs to be conducted and completed expeditiously.

My officials and I also considered that if findings from this review raised further questions the scope could be widened. However, without any evidence of wrongdoing having been produced, establishing a review with a lower threshold in the first instance would not have been appropriate.