Monday 28 May 2018

Judge quits as chair of IBRC probe after just one month

Enda Kenny
Enda Kenny
Sarah Stack

Sarah Stack

The judge heading up the Commission of Investigation to review transactions and lending practices at IBRC has quit just a month after it was set up.

Mr Justice Daniel O'Keeffe is said to have informed Government that, for personal reasons, he is unable to continue to act as chairman.

He has been replaced by High Court Judge Brian Cregan.

"The work already undertaken by Mr Justice O'Keeffe will be available to Mr Justice Cregan," said a Government spokesman.

"This includes identifying suitable accommodation and the engagement of a legal team and ancillary services."

The timescale for submission of the commission's final report remained unchanged and was still no later than December 31, 2015, he added.

The Government gave the go-ahead for the inquiry on June 3. Taoiseach Enda Kenny later confirmed concerns raised by Sinn Féin about loans to businessman Denis O'Brien will be included.

The commission is investigating all transactions, activities and management decisions at IBRC which resulted in a loss of some €10m or more to the taxpayer. It will also investigate any action where there is public concern, irrespective of taxpayer loss. It will examine governance controls and procedure, the performance of senior managers and allegations of unusual share trading. Interest rates and loan extensions which resulted in a concession of €4m will also be investigated.

The draft terms of reference included direction for the 'scope' of the investigation, noting the review 'shall consider all transactions, activities and management decisions... which either resulted in a capital loss to IBRC of at least €10m during the 'Relevant Period', whether by consequence of a single transaction or a series of transactions relating to the same borrower or entities'.

Irish Independent

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