Dáil Éireann Debate, Thursday - 21 July 2016
112. Deputy Michael McGrath asked the Minister for Finance the procedure in place, from the date of nationalisation and, if different, from the date of the appointment of the special liquidator, for the setting and changing of interest rates on specific commercial loans in respect of IBRC; and if he will make a statement on the matter. [23869/16]
View answerAs the Deputy is aware, the ongoing Commission of Investigation in relation to IBRC is investigating all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency, which occurred between 21 January 2009 (being the date of the nationalisation of IBRC) and 7 February 2013 (being the date of the appointment of the Special Liquidators to IBRC). As part of this, the Sole Member will investigate whether the interest rates or any extension to interest rates or any periods for repayments were given by IBRC on preferential terms that were unduly favourable to any borrower, where those interest rates resulted in a differential of more than €4 million in interest due over the standard applicable interest rates for loans of that nature or where the amendments give rise to or are likely to give rise to potential public concerns.
Both Houses of the Oireachtas approved these terms of reference in June 2015. It is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation. In these circumstances it would be inappropriate for me to comment publicly in respect of the various transactions, management decisions and actions that may fall within the scope of the review.
