Fresh doubts are emerging about whether the Commission of Investigation into IBRC can complete its work by December.
The commission is understood to have started its work and has had contacts with the Department of Finance and the IBRC special liquidators, but the formal handover of information to it is not believed to have yet started, with some legal issues relating to this still to be clarified.
The commission, headed by High Court judge Mr Justice Brian Cregan, was established by the Government in early June following a period of controversy over various IBRC transactions, including the sale of Siteserv and claims in the Dáil about interest rates charged to big borrowers, including businessman Denis O’Brien. It is due to complete its work by the end of December.
The commission is expected to seek major document releases from the Department of Finance and the IBRC and the preparation of these documents has commenced.
However, the commission is not believed to have yet issued formal directions to hand over the documents, the key legal step it must take to start examining them.
No comment
Neither the department nor the special liquidators – Kieran Wallace and Eamonn Richardson of KPMG – would comment, beyond both saying they would comply fully with any requests for information and offer all possible co-operation to the commission.
One issue understood to have emerged is exactly what information the commission can access and then legally use in making its findings.
The commission was established under 2004 legislation, originally drawn up to help the Commission of Investigation into Child Abuse, which had commenced its work in 2000 but did not report until 2009.
Legal rules
The commission will want to ensure that it does not run into any difficulties under legal rules on privacy and that it is able to use the documents it accesses to make findings.
Official sources were confident that any legal concerns could be overcome to allow the formal handover of documentation to get under way in earnest.
The commission has been asked to look at transactions between January 2009, when Anglo Irish Bank was nationalised to February 2013, when IBRC was liquidated. Its work will centre on 40 major transactions undertaken by the IBRC, but it will also be able to look at any transaction causing “ public concern” or whether any borrowers received preferential interest rates.
The timescale for the commission’s work, which will involve reviewing extensive documentation, interviewing witnesses and making findings, now looks very tight.
