Wednesday, 12 June 2019

Questions (68)

Brendan Howlin

Question:

68. Deputy Brendan Howlin asked the Taoiseach the status of the commission of investigation into the IBRC; and the projected costs in this regard. [24101/19]

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Written answers (Question to Taoiseach)

In the Commission’s Sixth Interim Report, Judge Brian Cregan requested an extension of its deadline for reporting until the end of March 2020. He also responded to several issues that I had raised with him in November last year regarding the estimated final cost of the investigation, the timescale for completion of the Commission's work and whether it would be possible for the Commission to reach interim findings.

On 31 May 2019, following completion of consultations with the Opposition party representatives, I agreed to extend the Commission's timeframe for reporting until 31 March 2020. I have also arranged for the Commission's Sixth Interim Report to be published on my Department's website and laid before the Houses of the Oireachtas.

Other than what has been published in the Commission's Interim Reports I have no information on the status of its investigation as the Commission is completely independent in its work.

Regarding costs, the Commission’s Sixth Interim Report provides an estimated final cost of the completion of the first module of its investigation, regarding the Siteserv transaction, of €11 million to €14 million. However, this estimate assumes the investigation is completed in accordance with the timetable set out in the Interim Report and excludes costs or delays associated with judicial review hearings. The Commission also acknowledges that it also involves a substantial degree of uncertainty regarding the amount of costs actually recoverable by parties before the Commission, and it assumes the Commission’s Legal Costs Guidelines are not successfully challenged. As I have informed Opposition party representatives, my Department continues to be of the view that the final cost is likely to significantly exceed his estimate, and could be of the order of €30m.