SBCI advanced €60m to firm which then bailed out its UK parent

Marc MacSharry: Asked that the Office of the Director of Corporate Enforcement  examine the support that was given to Bibby.

The State agency for business lending has advanced €60m to a firm which then used the money to "bail out" its UK parent company, the Dáil's Public Accounts Committee has heard.

During a session with the Strategic Banking Corporation of Ireland (SBCI), it emerged that €70m in lending was approved for Bibby Financial Services Ireland, a subsidiary of the Bibby shipping group in the UK.