From Department of the Taoiseach
Published on
Last updated on
18 October 2022
The Government today noted that following receipt of advice from the Attorney General, the Taoiseach has decided to accept the IBRC Commission’s recommendation in its Thirteenth Interim Report that it should not pursue investigation of the remaining 37 transactions covered by its Terms of Reference as it is of the view that no useful purpose would be served by investigating them.
The rationale for the Commission’s view is set out in the Interim Report which notes that there would be significant, if not insuperable, difficulties in investigating the other transactions because, for example, in the case of 28 transactions the borrowers are located outside the jurisdiction and would not be amenable to the jurisdiction of the Commission. Of the remaining 9 borrowers, 2 companies have been dissolved and 2 are in receivership.
The Interim Report also notes that the Commission’s report on the Siteserv transaction, which was published by the Taoiseach on 7 September 2022, has already examined in considerable detail i) the processes, procedures and controls which were operated by IBRC; ii) whether there is prima facie evidence of material deficiencies in the performance of their functions by those acting on behalf of IBRC; iii) whether it can be concluded the transaction was commercially sound; iv) any unusual share dealing which would give rise to an inference that inside information was improperly provided; and v) whether the Minister for Finance or his Department were kept informed in respect of the transactions. It also states that significant costs would be incurred in conducting investigations in respect of these transactions, in obtaining witness statements from all relevant IBRC executives involved in these loans and in hearing oral evidence from all such parties.
The Commission’s work is now complete, other than in relation to finalising its work on the costs payable to witnesses who appeared before it and the Government also noted today the Taoiseach’s decision to grant the Commission’s request in its Fourteenth Interim Report for an extension of its deadline for reporting, from the end of October 2022 until the end of March 2023, so that it can deal fully with this issue.
Copies of the Commission’s Interim Reports are available here