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Updated 9.33pm
THE TAOISEACH HAS said that it’s not possible to issue a deadline for the inquiry into certain transactions by the Irish Bank Resolution Corporation (IBRC).
Enda Kenny has said that once the terms of reference for the Commission of Investigation are approved by the Dáil its workings will be a matter for the judge overseeing it.
The inquiry is being set up to investigate allegations made in the Dáil that businessman Denis O’Brien was among a number of large borrowers who received preferential interest rates from the former Anglo Irish Bank. It will also examine the controversial Siterserv transaction.
All the opposition parties have called for, at the very least, an interim report by October amid concerns that the commission’s report could be delayed until after the next general election, which some believe could be held as early as this November.
Draft terms of reference published last week require the judge chairing the inquiry – likely to be the retired High Court justice Iarfhlaith O’Neill - to report by 31 December.
Kenny told RTÉ in Castlebar that “once you set up a commission of investigation you cannot politicise it”. He added:
“You can of course put into the terms of reference that it would be appropriate to deal with particular issues at an earlier date than others.
“But I think it’s very important to stress that at the same time you cannot dictate to a sole member in charge of a commission on investigation how they should run their business.
“So that’s always an issue, that’s why government wanted, in the beginning, to have all the files collated by August but, as I said, events overtook that and now we’re having a Commission of Investigation.”
Kenny was speaking as Finance Minister Michael Noonan is this evening meeting with opposition politicians who want changes to the terms of reference.
Sinn Féin says the inquiry should examine all IBRC transactions that resulted in a loss to the taxpayer of at least €1 million, while Fianna Fáil wants the threshold set at €5 million. The current terms stipulate that only transactions that resulted in a loss of €10 million or more can be examined.
There have also been calls for the inquiry to examine the uneasy relationship between the Department of Finance and IBRC. Sinn Féin’s Mary Lou McDonald said the role of the special liquidator after the bank was liquidated two years ago should also be examined.
“We believe that the activities and the transactions of the special liquidator right up to the present day need to be captured in the terms of the investigation,” she told Today with Seán O’Rourke earlier.
“KPMG had released a report in March of this year and at that stage some 22 billion [euro] of transactions, some 64 different transactions had been undertaken; those need to be examined.”
Renua said it was astonished that Noonan is setting up an inquiry which will not examine his role, if any, in the controversy and that of the Department of Finance.
“This is the politics of Hamlet minus the Prince … and Hamlet too for that matter,” the party said in a statement released this evening.
The issue will dominate Dáil proceedings this week with the debate on the terms of reference due to begin after 5pm tomorrow and scheduled to go on until midnight with further debate pencilled in for Wednesday.
The final terms of reference are likely to be signed-off by cabinet when it meets tomorrow.
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What does Catherine Murphy want?
If she is happy to have a full, complete and independent investigation which finishes in November, then I’m happy too.
Wouldn’t trust any of the rest of them not to play politics with this and it’s way too important for that.
She wants honesty and transparency Barry.
pitty Catherine Murphy can’t head up the investigation, lol then we might really find out the truth
Mary Lou. Where’s Shergar?
Irving Chubbie
- Can’t you see Shergar? He is standing right next to you in the photo – you blithering Eegit !!!
We’re all stupid I suppose. Kidnap and kill an innocent animal! That might be fine for foreigners and sassenachs but we Irish are not impressed. So there!
Best of luck in the elections btw.
Irving Chubbie – He is definitely alive and standing just to your right – but did you dye his hair colour to disguise him ?
It could be finished in weeks.
http://irish-revolution.blogspot.ie/2015/06/why-siteserv-ibrc-inquiry-is-farce.html
#FAI+…………you don’t need to hire anyone to write a program…it already exists in the banking system, all you need is a login and password of a senior bank official and you can quickly access any specific data of any customer or group of customers.
Every attempt will be made by FG to slow this process down.
Poor ole Shergar. Wonder what did happen to him.
Why does Catherine Murphy’s opinion matter? She thought corporate lending on 500 mill was at rates like 7.5%… they’re not credit cards.
Whatever about siteserv, is she really contesting that banks shouldn’t give different rates to different customers? Or that banks don’t take on large loans with customers who have high credit ratings to improve the overall rating of their lending portfolio? If siteserv was illegal, investigate it, but don’t waste money on an inquiry to show that different customers in different situations are treated differently!
High credit rating?
They were writing off loans for him at the same time!
Ah sher let’s just have an inquiry into the inquiry. Give it another few yrs and there’ll be a tribunal into the workings of Nama!
Do you see the way the banks treat you if you have not bought out Government? Sir Anthony O’Reilly been tied to a post for 25 mil after paying 100 of mil back to them and DOB gets a 100+ mil kick back!
Exactly, and who gets richer off the back of it all? The legal profession.
Mary Lou is insisting that there be interim reports and that the overall findings be made available as swift as possible… This doesn’t need to be delayed…
Seriously, has she never worked I an office in her life?
Demanding regular interval reports will slow the process immeasurably. They’ll do two weeks investigating, then a month agreeing in the wording of the first interval report.
Transparency wanted now. No more slim shady politics. Share the wealth. Say no to fat rats.
There is no good reason whatsoever as to why all matters relating to the Siteserv sale cannot be dealt with before the election, and published as part of an interim report, while the other transactions being investigated can form part of the final report.
The government know that the Siteserv deal is the smoking gun which could bring down the entire house of cards.
Not so much Siteserv as Selfserv.
Did IBRC use computers? it’s really easy to find out stuff quickly if you have information stored on a computer.
A few clicks of a keyboard and info pops up…..
…..or are we to believe that there are only filing cabinets full of paper files that have to be painstakingly trolled through to find what is wanted?
Is this the 21st century?
Ha ha. Events overtook that and now we’re having a Commission of Investigation.” says our taoiseach enda. No enda the truth started to come out and you were made look like fools and backed into a corner and had no choice but have an independent inquiry.
What did Enda promise to the Irish people at the last election an end to cronyism etc. So much for his contract to the Irish people and seismic shift ,such blatant untruths, the man is only fit to empty a bottle bank not open one.
No surprises there, any word on the Fennelly Report?
Still Inda pipeline gathering fudge til the long summer recess!
Whether the result comes out before or after the election, the seeds of doubt have already been sown by the events of last week and the elusiveness of Kenny. It might even be in the government’s interest to have the result come out before the election, if they’ve nothing to hide of course, but the numbers who believe that are few and far between and diminishing daily.
Martin, the more people who want more investigated serves only to prolong the Inquiry.
Perhaps if they lowered the cap below €10 million…they might reveal some politicians who had debt ‘written off’ and that wouldn’t look good when you’re turfing folks out of their homes for much much less.
martin i think we all know there is something to hide look at the carry on trying to enforce there own style of investigation onto this issue(the perpetrators investigating the perpetrators) and the the silence of enda anyone who thinks at this stage there was nothing to hide is very naive.
Of course. it will be delayed and procrastinated as much as possible… Fg love protecting the elite..and they want nothing to stand in there way when buying there votes from here on in
Of course it won’t be out until after the election. The government are far too busy at the moment chasing John Delaney and the FAI in order to get full disclosure in relation to that loan that was just resting in their account. Jeez lads they’re up to their elbows at the moment we need to cut them some slack.
FG will rush election now. This will really dig up the dirt. Cronyism is high in the Party of Europe..
If Enda Kenny doesn’t get the inquiry out before the GE pleaseeeee DO NOT VOTE FOR HIM.
Forget FIFA & Delaney Enda !! Think of the corporate sycophants & lobbyists who are the only ones with purchased attendance shall listen to you ! You & your hapless crew & your shedload of advisors are sunk ??
any body who cannot see fg hiding answers re dob after last week’s debacle does not deserve a vote
same cicus different clowns
I reckon there’ll be an early election.
Issues like this are prompting it – and I have no confidence in the ability of FG to parry opposition criticism regardless of how well next year’s centenary events go.
Catherine Murphy should have the final say on the terms of reference of this enquiry. It was her hard work that dragged some of the truth out of Noonan. But Enda & Co would rather we concentrate on John Delaney, he’s not a member of the “club” and makes for good distraction.
“This is the politics of Hamlet minus the Prince … and Hamlet too for that matter,”
But, but, but, renua, Hamlet was the Prince, without him, or him it would be ‘The tragedy of, Prince of Denmark’
During the meanwhile, our modern, reformist, non-croney Fine Gael/Labour coalition government will do everything to ensure the result of this are delivered to show they did not sit on their, then opposition, hands, while the, then government, parties fought europe to attempt, failingly, to rescue something of our economy.
Agree with Dave above, Catherine Murphy should have a major role in determining the terms of reference, at least she can be trusted to deliver the message she was elected to!
FG the new FF
They’re worse
I might have a read of the IBRC report after I’ve hard a quick read through the finely report, the list of names of the HSBC account holders and the results of the enquires into industrial schools and orphanages,
thomas i am hoping to live that long as well. good luck
I am assuming the worst until the Commission of Investigation completes its task.
Catherine Murphy has established a strong prima facie case, far from conclusive, but enough for me to make the common sense and working assumption that not all is well in the State of IBRC and its loan dealings.
By further extension, I consider FG responsible for the position and for having attempted, with such strong determination, to suppress further investigation.
These considerations will guide me in my voting.
As a rule of thumb, always assume the worst in dealing with most large party career politicians. In most cases, you will not be disappointed.
Well I have made my mind up already, they have already tried to hide the truth and delaying the findings until after ge tells me everything I want to know. A vote for fg/lieb is a vote for continued corruption,austerity and cronyism.
Could end up like the Fennelly report that’s still resting on Enda’s desk paddy wants to know Enda
i get the feeling that o’brien is the tip of the ice berg regarding scandals involving the IBRC. the whole thing is a con job. there is something seriously wrong with politics in this country. it a circle j!rk the revolving door between corporate positions and political positions is spinning so fast its liable to come off the hinges.
the biggest scandals are covered very little by the media, like how natural resources are being sold for pennies on the pound, how the eu is destroying members indigenous cultures and demographics with its migration system. or the cost of this bureaucratic nightmare.
vote independents all over the country, do not give one vote to any party candidate.we need as many Catherine Murphys as we can get who put the people first and not a party,.
If Catherine Murphy has told lies then she should pay for the enquiry.
Mr.Dukes your performance on Vincent Browne was less than acceptable. It is probably correct to assume that preferential loan rates were given to more than one fat cat. I truly believe thst any person found taking part in any level of inappropriate professional conduct when dealing with state assets or finances should be dismissed and all pension rights revoked.
In 2012 when Siteserv deal was negotiated with IBRC there was little time for pfaffing about by the principal parties to the deal; contracts had to be honoured; staff and suppliers had to be paid – it was a living, but spluttering business that could not stand still for too long while decision makers dithered. A deal had to be cut, fast!
Looking back from 2015 it may seem like a sweetheart deal for DOBs IOM firm, but in reality, to avoid an insolvency situation, time was of the essence in attempting to save and recover anything possible.
Where the state fell down imo was its failure to hold on to say a 10% equity stake to create a chance of having a good payday for Ireland Inc on any future sale.
Lack of commercial nous was probably at play here, by the masters tasked with looking after our nations assets,
hgffdfhnhj
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