Thursday, 17 April 2014

Questions (75)

Michael McGrath


75. Deputy Michael McGrath asked the Minister for Finance the current status of the reports completed by McCann FitzGerald and Ernst and Young into certain corporate governance matters at the former Irish Nationwide Building Society; if the reports have been referred to the Garda and the Office of the Director of Corporate Enforcement; and if he will specify the action currently being taken on foot of the content of the reports. [18475/14]

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Written answers (Question to Finance)

As the Deputy is aware a number of reports were produced by Ernst and Young and McCann FitzGerald at the request of the INBS Board. Copies of all of these reports have been provided to the Central Bank of Ireland ( CBI ) under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. IBRC was prohibited from disclosing these reports to anyone without the consent of CBI, McCann FitzgGerald and Ernst and Young.

I have been advised that given the on-going nature of the investigations by the Authorities, including in particular the investigation being conducted under the Central Bank s Administrative Sanctions Procedure into historic lending practices at INBS, the reports cannot legally be published at this time. Publication of the reports may be considered when the Central Bank proceedings are concluded or when any Garda investigation has been finalised (or any proceedings arising from such investigation are concluded).