Noonan forced into full IBRC inquiry

The Government has set up an independent probe into all IBRC deals between 2009 and 2013 — with a particular focus on preferential interest rates and “unusual” share trading of companies it subsequently sold — after finally admitting the existing KPMG review is flawed.

Finance Minister Michael Noonan confirmed the U-turn last night in light of the ongoing controversy surrounding Denis O’Brien’s interactions with the State- owned bank.

In an announcement described by opposition TDs as a “spectacular climbdown”, the Fine Gael TD told the Cabinet he is scrapping the review and replacing it with a long sought-after commission of investigation.