Business Banking Inquiry

Friday 28 October 2016

How IBRC deals came into public domain

Published 09/11/2015 | 02:30

Former IBRC chairman Alan Dukes
Former IBRC chairman Alan Dukes
Denis O'Brien

March 2012 - Denis O'Brien's Millington buys Siteserv for €45.4m. IBRC writes off €110m of Siteserv's €150m debt.

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July 2013

Subsidiary of Siteserv is announced as one of three companies awarded contracts for meter installations for Irish Water.

April 21, 2015

Independent TD Catherine Murphy obtains documents under the Freedom of Information Act, which reveal tensions between IBRC and the Government over Siteserv deal.

April 22

Former IBRC chairman Alan Dukes "categorically rejects" suggestions of impropriety in Siteserv sale.

April 23

Government announces a review of IBRC deals, including Siteserv.

April 27

Iarlaith O'Neill, a retired High Court judge, appointed to monitor any conflicts of interest during the review of the sale of SiteServ.

May 7

Murphy claims under Dáil privilege that insider trading may have occurred in Siteserv shares.

May 11

O'Brien takes interim injunction to prevent RTÉ broadcasting a report about his IBRC banking affairs.

May 21

O'Brien and IBRC secure High Court orders against RTÉ, preventing the disclosure of confidential arrangements.

May 28

Under Dáil privilege, Catherine Murphy reveals more detail pertaining to O'Brien's banking arrangements with IBRC. O'Brien claims information was "erroneous" and that it was an abuse of Dáil privilege.

May 29

RTÉ says it intends to seek court permission to broadcast the TD's comments.

June 2

Murphy's statements were permitted to be reported after Justice Donald Binchy says court is not entitled to restrain reporting of Dáil business. O'Brien issues statement on judgment and calls on Deputy Murphy to stand over her Dáil statements.

June 11

Dáil approves the terms of reference for the Commission of Investigation into certain transactions at IBRC.

Irish Independent

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