Dáil Éireann Debate, Tuesday - 20 November 2012
176. Deputy Pearse Doherty asked the Minister for Finance if he will identify the independent verifier used by the Irish Bank Resolution Corporation in calculations on which refunds to Anglo Irish Bank customers were based; and if he will outline the information that formed the basis of their calculations. [50852/12]
View answerI have been advised by IBRC that the Historical Interest Rate Review project, carried out a tender process for the appointment of an external advisor to conduct an independent third party review of the project. KPMG were subsequently appointed and carried out their review in two phases during 2011. Phase 1 covered the period 1996 to 2004 and KPMG reviewed the following:
- Project set up
- Resourcing
- Project governance
- Review of criteria for including / excluding accounts
- Testing of the calculation process including independent recalculation of a sample of affected loans
- Testing of the compounding process
During Phase 2 KPMG carried out an independent recalculation of a sample of loans from 1990 to 1995.
