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The Taoiseach received a letter from the Chairman of the Commission of Investigation into IBRC, Judge Brian Cregan, on Friday (6 November), updating him on the work of the Commission.

This letter refers to a determination made by the Commission related to the issues of confidentiality and privilege which means that “it is not in a position to proceed with its investigation into any of the relevant “write-off” transactions”.

The Commission is also in the process of preparing an Interim Report for the Taoiseach, as specified Minister under the Commission of Investigation Act, which will outline the work of the Commission to date, the issues which have arisen and to seek an extension of time for the completion of the work of the Commission.

The Government established the Commission of Investigation to ensure an independent investigation into issues of significant public concern regarding certain transactions relating to the Irish Resolution Banking Corporation. These issues are detailed in the Commission’s Terms of Reference as approved by the Oireachtas.

The Government believes that is essential that a full and independent investigation into these transactions is completed as quickly as possible.

On Friday therefore the Taoiseach requested advice from the Attorney General on the implications of this determination, and the legal options now available to ensure such an investigation can be completed in an effective and timely manner.

He requested this advice as a matter of urgency to ensure that he can report to the Government as soon as possible on the steps necessary to ensure that this is achieved.