IBRC INQUIRY: Government accused of spectacular climbdown

Opposition party TDs have claimed the Government has performed a “spectacular climbdown” after finally agreeing to set up an independent commission of investigation into IBRC deals it repeatedly refused to establish.

Independent TD Catherine Murphy and Fianna Fáil leader Micheál Martin made the claim after Finance Minister Michael Noonan performed the U-turn in light of what he said is “heightened public concern” over the issue.

In an unexpected move at yesterday’s Cabinet meeting, Mr Noonan said the recent furore over Ms Murphy’s Dáil claims against Denis O’Brien and a related High Court injunction the businessman took against RTÉ preventing it from reporting details of his loans with IBRC means the current KPMG review into the issues is now “insufficient”.