Dáil Éireann Debate, Thursday - 20 December 2012
58. Deputy Pearse Doherty asked the Minister for Finance the controls that exist in the Irish Bank Resolution Corporation to prevent employees, their spouses, family and associates from benefitting from confidential information obtained from the bank, in the purchase of property from persons and companies which have or have had loans with IBRC. [57395/12]
View answerI have been informed that IBRC has a Conflicts of Interest Policy (the “Policy”). This policy outlines what the Bank’s Board of Directors and the Group Executive Committee (GEXCO) believes are the essential standards of behaviour expected of employees. All directors and employees of the Bank and its relevant subsidiaries, in all jurisdictions, must adhere to the letter, spirit and intention of the principles set forth in this Policy. Directors and employees must also adhere to all additional policies and procedures in their local jurisdictions. The Policy specifically states that all directors and employees of the Bank have a duty to discharge their contracted duties and responsibilities to the Bank. Directors and employees must not influence, or be perceived to influence, any decisions directly or by association which could benefit connected borrowers and/or an entity in which they have an interest and, this includes any lending decisions, and/or implementation of debt management strategy decisions for connected borrowers.
In order to undertake their job properly, maintain objectivity and impartiality and ensure that judgement cannot be compromised, directors and employees must avoid being put in a position where their personal interests could conflict, or be perceived to conflict with the interests of the Bank. In addition, certain obligations arise under the Ethics in Public Office Acts 1995 and 2001 ('Ethics Acts') in respect of Irish Bank Resolution Corporation Limited ('the Bank') and its designated subsidiaries. Under these Regulations, all Irish employed directors and certain Irish employed employees of the Bank and its subsidiaries are required by law to comply with the provisions of the Ethics Acts.
