IBRC commission of investigation

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The IBRC commission of investigation is an Irish government commission of investigation to look into the transactions of Irish Bank Resolution Corporation (IBRC) that led to its failure.

Contents

The commission was established by the Oireachtas under the Commission of Investigation (Irish Bank Resolution Corporation) Order 2015 passed by Dáil Éireann [1] and Seanad Éireann [2] on 10 June 2015 to investigate transactions of IBRC.

It is composed of the Chairperson and sole member, originally Mr Justice Daniel O'Keeffe, and subsequently Judge Brian Cregan. [3] The original Chairperson Mr. Justice O’Keeffe informed the Government that, for personal reasons, he was unable to continue to act as Chairperson of the Commission; he was replaced by Judge Brian Cregan, a judge of the High Court. [4]

Terms of Reference

The Commissions term of reference were to investigate all transactions by IBRC between 21 January 2009 and 7 February 2013 which resulted in a capital loss to IBRC of at least €10,000,000 (either in one or more transactions relating to the same borrower). It shall also investigate all transactions which might give rise to public concern in respect of the ultimate returns to the taxpayer. [5] Further details of the terms of reference are set out in the Commission of Investigation (Irish Bank Resolution Corporation) Order 2015. [6] It may not examine transactions relating only to the acquisition of assets by the National Asset Management Agency (NAMA).

However the terms of reference were very broad and the Commission appears to have had a great degree of discretion as to the transactions it could investigate. The Minister for Finance stated in the Dail that "the commission will have the power to investigate any transaction of any value that gives rise or is likely to give rise to potential public concerns, regardless of the level of loss", including verbal agreements and apparently is not confined to the time-limits in the terms of reference. [7]

Cost and timing

The Commission will be fully resourced and have its own staff. It will cost an estimated €4 million for 2015. [8]

Although the original term was that the Commission should report by 31 December 2015, the Taoiseach almost immediately stated that it might extend beyond that period but an interim report would be expected by December 2015. [9]

The Commission submitted a series of requests during 2016 in tandem with its first three interim reports.  On the third occasion in June 2016, the Taoiseach revised the time frame for the submission of the Commission’s final report until the end of October 2016. The commissioner’s terms of reference were changed to focus on the 2012 sale of Siteserv to a company owned by businessman Denis O'Brien for €45.5 million, with a write-off of €110 million in loans. The cost of this new commission were later estimated by the new Taoiseach, Leo Varadkar, to be in the range of €20-25 million in February 2018, at which point the Commission had spent over €1.2 million. [10]

Progress

As of October 2022, the Commission has issued fourteen interim reports and requested and been granted numerous extensions to publication of its final report, which is currently expected in March 2023. [11]

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References

  1. ↑ "Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion". Dáil Éireann debates. Oireachtas. 10 June 2015. Archived from the original on 16 June 2015. Retrieved 11 June 2015.
  2. ↑ "Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion". Seanad Éireann debates. Oireachtas. 10 June 2015. Archived from the original on 19 June 2015. Retrieved 17 June 2015.
  3. ↑ "Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion". Dáil Éireann debates. Oireachtas. 10 June 2015. Archived from the original on 16 June 2015. Retrieved 11 June 2015.
  4. ↑ "Government Appoints High Court Judge Brian Cregan to replace Judge Daniel O'Keeffe as Chair of the Commission of Investigation into certain transactions conducted by IBRC". Dublin: Department of the Taoiseach. 9 July 2015. Archived from the original on 23 July 2015. Retrieved 22 July 2015.
  5. ↑ "Commission of Investigation (Irish Bank Resolution Corporation) Order 2015" (PDF). Dublin: Department of Finance. Archived (PDF) from the original on 13 June 2015. Retrieved 11 June 2015.
  6. ↑ "Commission of Investigation (Irish Bank Resolution Corporation) Order 2015" (PDF). Dublin: Department of Finance. Archived (PDF) from the original on 13 June 2015. Retrieved 11 June 2015.
  7. ↑ "Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion". Dáil Éireann debates. Oireachtas. 10 June 2015. Archived from the original on 16 June 2015. Retrieved 11 June 2015.
  8. ↑ "After several rows, Sinn Féin votes against IBRC inquiry – but it's still happening". Dublin: Thejournal.ie. 11 June 2015. Archived from the original on 11 June 2015. Retrieved 11 June 2015.
  9. ↑ "IBRC inquiry may extend into 2016, indicates Kenny". Dublin: Irish Times. 11 June 2015. Archived from the original on 10 June 2015. Retrieved 11 June 2015.
  10. ↑ O'Halloran, Marie. "IBRC commission could cost up to €25m, Taoiseach says". The Irish Times. Archived from the original on 1 March 2018. Retrieved 13 December 2018.
  11. ↑ "IBRC Commission of Investigation – No further transactions to be investigated and extension of deadline for reporting so that legal costs can be fully dealt with".
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