IBRC legislation passed giving extra powers

The Dáil has passed legislation giving the Commission of Investigation further powers to examine some transactions of the Irish Bank Resolution Corporation.

The passing of the Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016, will provide powers to reduce issues of confidentiality over some documents relating to the IBRC.

The investigating commission was set up in 2012 as a result of the controversy surrounding the sale of Siteserv, a company which provides a wide range of services to public and private companies, such as scaffolding for construction projects and the installation of satellite TV boxes.

The company was bought by Denis O’Brien for  €45.4 million, with the State-owned  IBRC writing off €110m of its €150m debt.

The commission will investigate these transactions which resulted in at least a €10m loss for IBRC.

The Opposition has been consulted on the passing of the Bill and it is said that the commission will be broken into modules in order to scrutinise every aspect of the sale of Siteserv.