Dáil Éireann Debate, Thursday - 21 March 2013
51. Deputy Aengus Ó Snodaigh asked the Minister for Finance his views on whether it is acceptable to appoint a legal firm, which heretofore was a creditor of the Irish Bank Resolution Corporation while acting as legal advisors to the bank, in the drafting of the legislation designed to liquidate that bank and in the process burn creditors. [14083/13]
View answerI can advise the Deputy that providing previous legal services to IBRC would not in itself preclude a firm from advising in support of the preparation of the IBRC legislation and the arrangement involving the IBRC Promissory Notes. As the Deputy is aware, there is a small pool of sufficiently resourced legal firms operating in Ireland and it is likely that a number of these would have provided legal advice to IBRC, and therefore have been a creditor. Legal advisors have an obligation to act in a professional manner and systems and procedures are in place to ensure that confidentiality is maintained.
