Two month extension given to investigation into IBRC deals

Taoiseach Enda Kenny has given a two months' extension to the Cregan Commission of Inquiry investigating certain IBRC transactions including the sale of Siteserv to businessman Denis O'Brien's Millington.

A number of options needed to be considered including a "full-blown public inquiry", Mr Kenny told Social Democrats TD Catherine Murphy, when she raised the issue in the Dáil.

At the weekend Ms Murphy had criticised the publication of the report on the Friday of a bank holiday weekend.

She also said the Taoiseach had promised following meetings with Ms Murphy, Fianna Fáil leader Micheál Martin and Sinn Féin leader Gerry Adams, that he would introduce amending legislation “as a matter of urgency” on confidentiality and on privilege, but nothing had happened.

The judge called for the legislative changes to allow him to progress its investigation, repeating recommendations he made in an earlier report in November.

The commission is investigating IBRC transactions that cost the State €10 million or more in write-offs. A total of 38 transactions were involved with a total debt write-down of €1.88 billion, including six sales of assets with write-offs of €100 million or more and a further six with write-downs of €50 million to €100 million.

Mr Kenny also denied there was “anything sinister” in the Government decision to publish Mr Justice Brian Cregan’s interim report on Friday night at the start of a bank holiday weekend.

The Taoiseach said the report was cleared at Cabinet last week. “There wasn’t anything sinister believe me in it being published on the Friday which happened to be a bank holiday weekend.”

He added: “I know that this is always the story that you’re trying to not have it seen by people.”

“I’ve looked at this,” he said of the issue. “I’ve given it a two month extension,” he said of the commission.

Mr Kenny told the Kildare North TD: “There are a number of challenges that Justice Cregan has pointed out.

“Some of them are legal, some of them are constitutional but there are a number of options to be considered.”

The options “include a full blown public inquiry. Moriarty ran for 13 years at a very costly sum to the taxpayer. These are options that need to be considered,” he said.

The Taoiseach offered to meet Ms Murphy and “anybody else” today (Wednesday) or on Thursday to give her an “up-to-date accurate” picture on the range of options and where things now stood arising from the report.