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IBRC write down deals go on while Investigation has run aground – Tóibín

2 December, 2015

Sinn Féin Junior Finance Spokesperson Peadar Tóibín TD has described the ongoing write down deals by IBRC while the investigation into previous deals done by the State’s bad bank as a “disaster firmly at the door of this government”.

The Meath West TD said:

“When Denis O Brien purchased loans which included Topaz from IBRC just 2 years ago, he is reported to have paid just €150m for them. If the sale price was, as reported, €450m, it demonstrates an opportunity cost to the Irish tax payer of possibly hundreds of millions of euros.

“If this was unique, it would be of major concern. However, it’s one of the many examples of alleged sales by IBRC and NAMA state assets which have cost Irish citizens. This is all the more difficult for people to accept given that at the centre of these allegations is a wealthy supporter of Fine Gael.

“The fact that these business deals are proceeding, while parallel investigations have ground to a halt, is disaster firmly at the door of this government. Unwinding these deals and seeking to recoup losses suffered by citizens will be increasingly difficult as time and deals progress. 

“The clock to Christmas and the end of this government is counting down fast. The government must clear the decks and legislate to empower the commission of investigation to get to the heart of this crisis.” 

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