Business Irish

Sunday 17 December 2017

Government plans formal investigation into IBRC transactions

Michael Noonan
Michael Noonan
Donal O'Donovan

Donal O'Donovan

The Government is considering launching a formal Commission of Investigation to examine transactions involving the former IBRC.

It is understood the Minister for Finance Michael Noonan will present proposals today at a meeting of the Cabinet.

A Commission would have greater legal standing than a review by Special Liquidators Kieran Wallace and Eamonn Richardson which had been due to look back over larger deals involving losses for the bank.

A new probe to be established under the Commissions of Investigation Act, 2004 will have greater legal standing and broader scope than the current review of deals. 

Businessman Denis O'Brien
Businessman Denis O'Brien

A judge or retired judge is likely to be appointed to  lead the Commission.

There is no suggestion of wrong doing at the bank, but the Minister is understood to be reacting to the heightened public interest in the bank in recent weeks. 

Minister Noonan and the Attorney General Marie Whelan are understood to have worked on terms of reference for the new probe - which have yet to be signed off - over the weekend.

Minister Noonan had been due to travel to Paris today for a meeting of European ministers but has stayed in Dublin to bring his proposals to Cabinet.

Independent TD Catherine Murphy
Independent TD Catherine Murphy

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