Delay in IBRC investigation 'has eroded trust in politics'
An anti-corruption agency has rounded on the Government after it announced an investigation into the wind-down of the former Anglo Irish Bank.
Sales of assets and loans which lost the State more than €10m, concerns over alleged insider share trading and allegations of deals on loan interest rates are all to be examined in the judge-led inquiry.
The Government
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The move prompted the Transparency International (TI) Ireland organisation to accuse the Coalition of a shameful handling of the controversy and failing to learn from past mistakes.
John Devitt, the group’s chief executive, said some Ministers still do not recognise the damage that can be done from delays to a much-needed independent inquiry.
“The delays have denied everyone involved a prompt and fair hearing, have wasted taxpayer money and further eroded trust in politics,” he said.
TI said the Government reversal smacks of the same approach to allegations of Garda wrongdoing which dogged the force for more than year before a judge was appointed last year to investigate.
“History seems to have repeated itself in the space of 12 months,” Mr Devitt said.
“There may be no wrongdoing uncovered by the IBRC (Irish Bank Resolution Corporation) inquiry and anyone who might be questioned should be considered to have acted professionally and in good faith unless found otherwise.”
The inquiry into the former Anglo after it was nationalised follows repeated questions over the sale of the debt-laden Siteserv company to billionaire media and telecoms tycoon Denis O’Brien.
The inquiry will cover the wind-down of the once rogue lender, from its nationalisation on January 21, 2009 through its rebranding as the IBRC to February 7, 2013 when liquidators were appointed.
Its main focus is on any deals which may have cost the state more than €10m.
But it will also look into claims by Independent TD Catherine Murphy who used parliamentary privilege to make allegations of changes to interest rates on loans.
It will investigate up to 40 transactions by IBRC and it is hoped to be complete by the end of the year.
Health Minister Leo Varadkar says the Commission of Investigation ‘could’ go beyond the next General Election.
Finance Minister Micheal Noonan said that he wants the report to be completed by the end of the year, but Cabinet colleague Leo Varadkar has admitted that the investigation may not be finished until after the nation goes to the polls.
“It could [be completed this year, but], I doubt it,” he said.
“As I say, the timeframe set is December, but with these type of things, you’re damned if you do and you’re damned if you don’t.
“Lots of people were calling for a Commission of Investigation, the Opposition were demanding it, but once you do, you have to do it properly.
“And if it does mean looking at huge numbers of transactions, obviously that’s going to take time.”
Meanwhile, Fianna Fail leader Micheal Martin accused the Government of continuing to mislead the public after confirmation the Department of Finance had discovered minutes of an IBRC board meeting on the Siteserv sale.
“The way this continues to be handled falls well short of what the public expect,” he said.
“The Government clearly hope that they have drawn a line under the crisis with the announcement of a commission of inquiry. But the efforts we have seen to mislead the public have actually raised yet more questions to which we need answers.”
Mr Martin accused Taoiseach Enda Kenny of “withdrawing entirely from public throughout this crisis”.
He also said the explanations for the Government’s decision to order a commission of inquiry beggared belief and that the concerns raised by Ms Murphy and others were raised by civil servants.
“The information only emerged though FOI requests. This was a major error of political judgment that is now being compounded by the failure of ministers to be honest about that error,” Mr Martin said.
