Dáil Éireann Debate, Wednesday - 22 February 2012
16 Deputy Sean Fleming asked the Minister for Finance if he will consider publishing, even in a redacted form, the reports by McCann Fitzgerald and Ernst and Young into corporate governance issues at the former Irish Nationwide Building Society; and if he will make a statement on the matter. [9900/12]
View answerAs the Deputy is aware a number of reports have been produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. A report has also been provided to the Garda in this regard.
However, IBRC have been advised, given the on-going nature of the investigations by the Authorities as well as internal considerations within the bank, that the reports cannot legally be published at this time. Publication of the reports may be considered when the Central Bank proceedings are concluded, when any Garda investigation has been finalised (or any proceedings arising from such investigation concluded) and any civil proceedings contemplated by IBRC either concluded or otherwise disposed of.
17 Deputy Peadar Tóibín asked the Minister for Finance the fees or other moneys that will be paid to a company (details supplied) as a result of the retention agreement with Irish Bank Resolution Corporation. [9962/12]
View answerThe Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. The bank has retained the services of the "strategic advisory arm" of the Group, referred to in the question. The bank has previously been requested by my Department to confirm that there is no conflict in relation to the appointment. The Deputy will appreciate that details of the terms and purpose of the bank's appointment of this adviser are commercially sensitive and it is not appropriate to disclose such information.
