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Government Statement - Interim Report from IBRC Commission


The Government is today publishing the Interim Report of the Commission of Investigation into IBRC.  

The Government reiterates its determination to ensure an effective and independent review of the issues of major public concern which have been raised. 

Having carefully considered the Interim Report, the Government: 

- has noted the significant issues it raises 

- agreed to publish the Interim Report and invite the Opposition Parties in the  Oireachtas to submit their views on how to respond to the issues identified;  the Taoiseach is writing to the Leaders of the Opposition Parties today requesting their views 

- asked that officials would continue to work on options for consideration by Government on how to respond to the issues raised in the Interim Report, and in that context, agreed that officials would accept the offer of a meeting with the Commission to discuss solutions to problems identified. 

The Report identifies a number of issues which have emerged in the course of its work and how they might be addressed.  These include:

- the Duty of Confidentiality over documents

- Privilege over Legal Advice

- access to Stock Exchange information

- a request for three changes to the Commission’s Terms of Reference

- clarification of the definition of Capital Loss intended

- the liquidation of Siteserv Plc

- appointment of additional members (with additional legal resources) to help deal with the workload and any actual or perceived conflicts of interest

- a proposed approach which would focus on 12 largest transactions in the initial phase

Apart from proposals to change legislation, it is important to note that the Order (including the Terms of Reference) for this Commission was approved by the Oireachtas, and therefore the issues raised require consideration by the Oireachtas. 

Judge Cregan requests that additional time be provided, although it’s not possible to make accurate assessment of when the Commission’s work will be fully completed.  

In his covering letter, Judge Cregan also says that the Commission would welcome an opportunity to discuss possible solutions to issues which have arisen.