Bill to give extra powers to IBRC investigation

Justice Minister Frances Fitzgerald has published proposed legislation to give new powers to the investigation into the wind-up of the Irish Bank Resolution Corporation (IBRC).

The Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016 is designed to address legal obstacles discovered by the Commission of Investigation established in June 2015.

The Commission was investigating IBRC transactions and activities between January 2009 and February 2013 which resulted in capital losses to IBRC of at least €10 million or which have been identified by the Commission as giving rise or likely to give rise to potential public concern in respect of the ultimate returns to the taxpayer.

Legal issues arose after KPMG asserted a duty of confidentiality over all of the documents it provided to the Commission, and legal advice privilege over all documents containing legal advice.

The Department of Finance, which reportedly raised confidentiality concerns as early as August 2015, made similar claims over some of the documentation it provided.

Mr Justice Brian Cregan, chair of the Commission, said in an interim report that it was “not in a position to proceed with its investigation into any of the relevant ‘write-off’ transactions”.

The Department of Justice said the new bill is the product ofconsultation with the Opposition and the Commission itself.

It also said the legislation “will be enacted and entered into force as soon as possible”.