O’Brien-IBRC: Inquiry can cover all dealings, says Government

The Government has insisted all of the controversial claims about dealings between businessman Denis O’Brien and the IBRC can be looked at by the Commission of Investigation.

The Dáil on Wednesday voted to approve the commission’s terms of reference after a political row erupted over whether they were wide enough to cover the latest claims about Mr O’Brien made by Sinn Féin Finance spokesman Pearse Doherty.

Those claims have been dismissed as “wholly inaccurate and misleading” by sources close to the special liquidator of IBRC.

In Brussels on Wednesday, Taoiseach Enda Kenny indicated the commission may extend beyond December.

“Who knows what may arise in terms of other court cases, I can’t speak for that, so the remit is six months and if it can’t be delivered in six months then I expect the sole member will produce a report of the work that has been done to date at that point,” he said.

“The wider you make the terms of reference, the more work there is to be done - and it’s not going to be easy work.”

‘Past is in the past’

Asked if Fine Gael was too close to Denis O’Brien, Mr Kenny said: “What happened in the past is in the past. I’m happy to lead a government and to set out the Commission of Investigation.

“Whether it is Denis O’ Brien or anyone else, the terms of reference are there for the Commission of Investigation and I expect that they will do their job and do it fully, completely, thoroughly, adequately and very professionally.”

The commission’s terms were approved, with 119 TDs voting in favour and 20 TDs voting against. Fianna Fáil joined the Coalition parties in voting to approve the terms of reference.

Minister for Finance Michael Noonan told the Dáil retired High Court judge Daniel O’Keeffe has agreed to serve as the chairman of the commission.

He said Judge O’Keeffe has a strong commercial background, is a chartered accountant and is a former chair of the Irish Takeover Panel. He named the retired judge as he concluded the two-day debate on the terms of reference.

Mr Noonan said the commission will have the power to investigate any transaction that gives rise to concern, no matter what the scale of the loss.

“It is not my intention, or that of the Government, to cut off a potential line of investigation,” he said.

It followed allegations made in the Dáil by Mr Doherty that Mr O’Brien had a verbal agreement with the former IBRC management to extend his loans.

Mr Noonan said he was informed all dealings with IBRC customers, whether they were restructures or amendments to loans, were dealt with by the respective relationship management team in the bank.

In accordance with the bank’s policies, issues such as any changes of interest rate on loans would be expected to be brought to the credit committee for approval, the Minister added.