Dáil Éireann Debate, Wednesday - 22 February 2012
28 Deputy Seán Crowe asked the Minister for Finance if he will explain the reason a company (details supplied) is permitted to provide loan sale advice to Irish Bank Resolution Corporation and also be a bidder for assets in IBRC in the future when a similar tender for loan sale advisers in National Asset Management Agency explicitly prevented loan sale advisers from selling assets to their affiliates; and if he will make a statement on the matter. [9965/12]
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. IBRC has retained the services of the "strategic advisory arm" of the company referred to in the question which has been validated as independent of the "investment arm" of the Group.
IBRC can confirm that FTI Consulting's UK practice provided independent advice to the Bank in relation to the appointment of the ‘strategic advisory arm' of the company referred to in the question. This was designed to ensure that no conflict of interest arises for IBRC in retaining the services of the company referred to in the question in this regard. FTI Consulting's US practice provided a similar role in the Bank's successful sale of its US loan portfolios which concluded recently to ensure that the process was open, fair and transparent and that established procedures were followed.
