Lucinda Creighton
Question:232. Deputy Lucinda Creighton asked the Minister for Finance if the current €10 million threshold for the commission of investigation into Irish Bank Resolution Corporation is credible. [23034/15]
View answerTuesday, 16 June 2015
Questions (232, 233)
Lucinda Creighton
Question:233. Deputy Lucinda Creighton asked the Minister for Finance the reason the sum of €10 million was chosen as the threshold for the commission of investigation into Irish Bank Resolution Corporation. [23036/15]
View answerWritten answers
I propose to take Questions Nos. 232 and 233 together.
As the Deputy is aware, the Terms of Reference of the Commission of Investigation into IBRC, including the €10 million threshold, were debated in Dáil Éireann last Tuesday and Wednesday.
The €10 million threshold will ensure that the investigation is focused on the largest transactions and that transactions relating to small and medium enterprise loans or mortgages are not subject to the investigation. It is estimated at this time that approximately 30 to 40 transactions are in excess of this €10 million threshold. Any series of transactions relating to a single borrower or entity that resulted in a capital loss of €10 million is also included. In addition, the commission will also have the power to investigate any transaction that may have resulted in a smaller capital loss to IBRC, but gives rise to potential public concern. If the Deputy is aware of potential public concerns about specific transactions below the level of the €10 million cap, she should bring these to the attention of Judge O'Keeffe who is chairing the commission.