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Terms of reference for Commission of Investigation into IBRC need significant changes - Mary Lou McDonald

8 June, 2015 - by Mary Lou McDonald TD


Sinn Féin Deputy Leader Mary Lou McDonald has said significant changes to the terms of reference of the Commission of Investigation into IBRC must be made and the date for a final report must be brought forward.

Deputy McDonald was speaking today ahead of a meeting with Minister Michael Noonan this evening.

She said;

“Sinn Féin has given a cautious welcome to the establishment of a Commission of Investigation into IBRC.  However, we feel the terms of reference for this commission are far too narrow and I will be pushing for a broadening of these when I meet Minister Noonan this evening.

“Indeed, Gerry Adams has written to the Taoiseach twice in relations to the terms of reference.

“Among the key concerns that we have is the timeframe for the completion of the inquiry.  The report of the inquiry must be published ahead of the next general election and at a time when the Dáil is sitting and in a position to debate the matter.

“We also believe that the dates that the commission is to examine should be extended to cover the period up to 12 March 2015 when the Progress Update report prepared by KPMG and published by IBRC was released.

"It would be a serious flaw in the work of the Commission if it were not to review transactions, activities and management decisions involving KPMG in its role of Special Liquidator.

“It is also crucially important that the political oversight of IBRC by the Minister for Finance and the Department of Finance are examined by the commission.

“The Commission of Investigation should also investigate the claims of verbal agreements in respect of the repayment of loans which might not be captured under the current Terms of Reference.

“These are just some of the proposals which I will be putting to Minister Noonan when I meet him this afternoon.”

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