Tuesday, 26 February 2013

Questions (195, 196, 197)

Pearse Doherty

Question:

195. Deputy Pearse Doherty asked the Minister for Finance if he will outline any restrictions on activities of the former chief executive officer of Irish Bank Resolution Corporation during the period of the IBRC liquidation. [9753/13]

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Pearse Doherty

Question:

196. Deputy Pearse Doherty asked the Minister for Finance if the former chief executive officer of Irish Bank Resolution Corporation is precluded from advising potential buyers of IBRC assets during the period of the IBRC liquidation. [9754/13]

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Pearse Doherty

Question:

197. Deputy Pearse Doherty asked the Minister for Finance the confidentiality restraints that apply to the former chief executive officer of Irish Bank Resolution Corporation. [9755/13]

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Written answers (Question to Finance)

I propose to take Questions Nos. 195 to 197, inclusive, together.

The special liquidators have confirmed that there are restrictive covenants and confidentiality provisions included in the employment contract of the former CEO of IBRC. The special liquidators have confirmed that the former CEO owes a common law duty of confidentiality that continues following the termination of his employment with IBRC, such that he is restricted from using confidential information obtained during the course of his employment to the detriment of IBRC.

In addition Ethic in Public Office Acts applies to former executives and other office holders in the IBRC including the former CEO. This Act requires that former office holders should act in a way which ensures an unfair advantage would not be conferred in a new appointment, by virtue of for example, access to official information the office holder previously enjoyed.