Opposition gives proposals on how to salvage IBRC inquiry

Taoiseach Enda Kenny has ruled out publishing legal advice given to the coalition about setting up the inquiry into IBRC transactions, as the opposition called for legislation to be enacted.

Catherine Murphy

A Fine Gael TD has called for a financial assessment of how much money will be needed to rescue the botched inquiry, amid fears of mounting costs. Opposition leaders submitted proposals on how to rescue the IBRC inquiry yesterday, following concerns raised by commission of the investigation chairman Brian Cregan.

Judge Cregan says legal obstacles are preventing him using documents from the Department of Finance, and other bodies, and that the inquiry could take years.

Mr Kenny yesterday told the Dáil he would not publish the advice received by the Cabinet from attorney general Maire Whelan about setting up the investigation.

Fine Gael Waterford TD, John Deasy, said a financial assessment was needed about how much the commission would cost, given it was state money.

The inquiry was tasked with examining 38 IBRC deals that resulted in losses of €10m or more for the state.

The sale of construction company Siteserv is chief among TDs’ concerns.

Social Democrat TD, Catherine Murphy, wrote to Mr Kenny yesterday backing a suggestion that the top 12 transactions be investigated as a priority. The first needed to be Siteserv, she said. Ms Murphy, as well as Sinn Féin, still wants the attorney general’s advice about setting up the inquiry to be published.

Catherine Murphy

Sinn Féin said the IBRC’s liquidators have been unable to specify to the judge what constitutes a “capital loss” in deals, which obstructs the assessment of how much the state lost in writeoffs agreed by the bust bank.

Renua Ireland claimed confidence in the attorney general was “fast eroding”.

The party leader, Lucinda Creighton, said TDs had also relied on the attorney general’s advice and, in her own letter to Mr Kenny, said “when she is wrong, her advice should be published and an explanation given as to how so many fundamental legal errors could have been made”.

Lucinda Creighton

Ms Creighton said there was concern the investigation was failing to capture original issues, such as Dáil claims that billionaire businessman Denis O’Brien received preferential interest rates for his loans with IBRC, an allegation he denies. Fianna Fáil wants deals, including Siteserv, prioritised for investigation.

Mr Kenny said the Government would consider the submission next week.