Tuesday 16 October 2018

Former IBRC chief executive claims Cregan Inquiry could cost up to €100m

Mike Anysley
Mike Anysley
Donal O'Donovan

Donal O'Donovan

The former IBRC chief executive Mike Aynsley has claimed that the Cregan Inquiry will cost as much as €100m.

The probe was set up to investigate deals where the State suffered big losses when IBRC sold assets, including on the sale of Siteserv to Denis O'Brien.

Taoiseach Leo Varadkar said last week that the probe could cost up to €25m.

In a statement issued this afternoon, Mr Aynsley said the final bill for investigating asset sales by IBRC, the former Anglo Irish Bank, could reach €100m and that it had been launched without firm evidence.

“It wouldn’t surprise me if it’s up to €100m when the costs of all parties are paid and we find ourselves many years down the road,” he said.

Mr Aynsley said that in his view the Government had been urged to commence an “extraordinarily expensive investigation on dubious grounds.”

“The IBRC Commission was set up based on misrepresentation of information by faceless people with an ulterior agenda,” he claimed.

“Given the lack of validated detail and transparency around what and who has driven this outcome, I find it incredibly disappointing that the Irish taxpayer is yet again being lumped with this massive cost,” he said.

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