The Taoiseach has today published the report of the Commission of Investigation (IBRC) in relation on the transaction in relation to Siteserv and principles and policies within IBRC on interest rates.
The Commission was established in June 2015 to investigate certain transactions, activities and management decisions at the IBRC and the Commission’s terms of reference provided that in the first module of its work it would investigate the Siteserv transaction, which had been identified as a matter of significant public concern in Dáil Éireann.
The report is being published and laid before the Oireachtas by the Taoiseach, as specified Minister in accordance with the Commission of Investigation Act, 2004, and a Dáil debate is being arranged on the findings of the report.
The 1500-page report examines the Siteserv transaction in great detail, making extensive findings of fact, summarised in Chapter 27 which runs to over 80 pages.
Among these findings, the Commission determined that the IBRC Bank made its decision to approve the sale of the Siteserv Group in good faith, but based on misleading and incomplete information provided to it by the Siteserv company.
It also found that there was a “below the surface” process where certain events occurred in the course of the Siteserv sale process without the knowledge of the Bank.
This “below the surface” process meant that steps were taken and decisions made in the course of the Siteserv sale process in a manner that was ‘manifestly improper’ and which undermined the integrity of the Siteserv sale process.
The Commission has also determined that it can be concluded that the Siteserv transaction was, from the perspective of the Bank, so tainted by impropriety and wrongdoing, that the transaction was not commercially sound.
It concludes the Bank could have recovered up to €8.7 million more than the €44.3 million it agreed to accept in the sale.
The Government accepts the findings of the Commission, and believes that the report shines a light on unacceptable practices by certain parties during the course of the transaction.
The Taoiseach is arranging to bring relevant recommendations made by the Commission in the report to the attention of the Department of Enterprise, Trade and Employment, the Revenue Commissioners, the Special Liquidators of the IBRC, the Corporate Enforcement Agency, the Central Bank and the Official Assignee in a bankruptcy case.
The full report can be found here https://www.gov.ie/en/publication/4784d-report-on-the-transaction-in-relation-to-site-servplc-and-principles-and-policies-within-ibrc-on-interest-rates/
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