Dáil Éireann Debate, Wednesday - 10 June 2015
58. Deputy Micheál Martin asked the Minister for Finance if he or his Department officials raised any concerns regarding a conflict of interest and difficulties between the wealth management unit in the Irish Bank Resolution Corporation and the corporation itself; and if he will make a statement on the matter. [22543/15]
View answer59. Deputy Micheál Martin asked the Minister for Finance the reason the wealth management unit in the Irish Bank Resolution Corporation was not sold, despite offers being received; and if he will make a statement on the matter. [22544/15]
View answerI propose to take Questions Nos. 58 and 59 together.
I am informed that IBRC made officials in my Department aware that they had engaged a firm of solicitors to report on the management of conflicting obligations arising from the wind-down of IBRC s wealth-management business. This report was prepared from the perspective of IBRC.
The terms of reference of the recently announced Commission of Investigation explicitly provide for the investigation into activities involving IBRC s wealth management unit that give rise to public concern.
IBRC conducted a 9 month sale process for its wealth management business in 2011-2012; this sale process was eventually abandoned. The eventual disposal of IBRCAC, a key part of the wealth management business, occurred during the liquidation of IBRC in 2014.
