IBRC assets sell-off probe to be given new powers

Fresh legislation to empower a judge to fully investigate the sale of assets from the former Anglo Irish Bank could be ready next month, a meeting between party leaders was told.

Obstacles to the IBRC inquiry going ahead were discussed between Enda Kenny and party figures yesterday, at which it was agreed the probe should operate in a “modular” fashion.

Investigations into the circumstances surrounding the sale of Siteserv to a firm owned by Denis O’Brien is expected to be a priority under changed inquiry rules.

Mr Kenny met Fianna Fáil leader Micheál Martin, deputy Sinn Féin leader Mary Lou McDonald, and Social Democrats co-leader Catherine Murphy. The meeting was also attended by Department of Taoiseach secretary general Martin Fraser as well as officials from the Attorney General’s office.

It comes after an interim report by Judge Brian Cregan, heading up to the inquiry into IBRC transactions, recently emphasised the problems facing his investigation.

Judge Cregan reiterated that there were problems with confidentiality surrounding the admission of documents. The judge again stressed that legislative changes were needed to help the probe move on and to look into the Siteserv transaction, among others.

There are 38 transactions being investigated by Judge Cregan’s team. The commission was set up to investigate all transactions that resulted in a loss of at least €10m to IBRC. The write-off of IBRC loans relating to Siteserv is greater than €100m, one of the six largest write-offs under investigation.

The report said, before any solutions are found and in order to reduce costs to the taxpayer, the inquiry has not moved its investigation into other transactions apart from Siteserv.

The inquiry has also been unable to estimate its costs. Opposition leaders described yesterday’s meeting with Mr Kenny as “constructive”.

The additional powers needed for the judge were discussed and legislation could be ready within a month to empower the investigation, party sources said.

In the meantime, the relevant departments will consult with the judge about those powers and Mr Kenny will then meet opposition leaders again to update them in a fortnight. The terms will also be amended to reflect the focus of the inquiry on Siteserv, said sources.

Legislation to overcome confidentiality and privilege concerns preventing Judge Cregan from accessing relevant documents are expected to be the main points in the new legislation.

One source at the meeting said: “None of us want anything costly or long-term. We are now in agreement on how we get on with this.”