Probe into Siteserv deal was limited to IBRC side

The Central Bank’s 2012 investigation into the controversial Siteserv deal was limited to the IBRC side of the transaction only and did not involve any inquiry into issues surrounding the company itself.

Outgoing Central Bank governor Patrick Honohan confirmed the scope of the examination, which took place on foot of a “whistleblower” complaint, at the launch of the Central Bank’s 2014 annual report.

Responding to queries about the high-profile deal between IBRC and the Denis O’Brien firm Millington in March 2012, Prof Honohan said he wanted to answer “with a very straight bat”. Taking out a paper with the “exact wording” of what happened, he explained the Central Bank did examine the Siteserv deal at an “appropriately senior level” after allegations were made.