Sunday 4 December 2016

Noonan to review IBRC as expert backs deal

Philip Ryan and John Downing

Published 24/04/2015 | 02:30

Fianna Fail leader Micheál Martin and Independent TD Catherine Murphy (pictured), still want an independent inquiry
Fianna Fail leader Micheál Martin and Independent TD Catherine Murphy (pictured), still want an independent inquiry

Finance Minister Michael Noonan has attempted to defuse the controversy over the Siteserv sale by reviewing all deals worth over €10m by the former Anglo Irish Bank.

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The expert who oversaw the Irish Bank Resolution Corporation (IBRC) €45m sale of Siteserv says the deal was the best value for the State. Walter Hobbs also dismissed claims of a €100m loss on the deal.

"The €100m was gone. The question was could we rescue the last €45m-€50m," he said.

Mr Hobbs said the sale represented best value for the taxpayer.

The review of the Siteserv sale, to a company owned by businessman Denis O'Brien, and other asset sales by the IBRC, will be carried out by IBRC liquidator, Kieran Wallace of KPMG.

But Fianna Fáil leader Micheál Martin and Independent TD Catherine Murphy still want an independent inquiry.

"I am just not satisfied with the process," Ms Murphy said.

Irish Independent

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