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The Tánaiste and Minister for Justice and Equality, Frances Fitzgerald, TD, has today published the Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016.

The Commission of Investigation into Irish Bank Resolution Corporation was established by the Taoiseach in June 2015 under the Commissions of Investigation Act 2004. Since its establishment, the Commission has submitted a number of Determinations and Interim Reports. These Determinations and Interim Reports have identified a number of issues which have impacted the ability of the Commission to conduct its investigations.

On foot of those findings, the Taoiseach engaged in consultation with the Opposition and they came to a consensus where it was agreed to introduce the provisions in this Bill to address the matters raised by the Commission. This Bill has been prepared in consultation with the Commission with the purpose of ensuring that the Commission has the necessary powers to effectively conduct the important investigation for which it was established.

This legislation will be enacted and entered into force as soon as possible. A copy of the Bill may be accessed here.

Note to Editors

A Commission of Investigation was established in June 2015 to investigate transactions and activities of IBRC during the period between January 2009 and February 2013 and 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.

The Commission was established under the Commissions of Investigation Act 2004 and in accordance with that Act has published a number of Determinations and Interim Reports. An Interim Report published in November 2015 raised a number of significant issues which had arisen in the course of the Commission’s work and which impacted the ability of the Commission to effectively and thoroughly conduct the investigation. These issues essentially related to the power of the Commission to obtain and admit into evidence documents subject to a duty of confidentiality and legal professional privilege.

The Opposition was consulted on the options to respond to the issues raised and associated risks. Following a series of consultations, it was agreed with representatives of the Opposition on 2 June to proceed with the drafting of urgent legislation to address the matters raised by the Commission with the objective of enactment by the Summer recess. There has been extensive consultation with the Commission prior to and during the drafting of this Bill.