Vol. 495 No. 7
76 Mr. Penrose asked the Tánaiste and Minister for Enterprise, Trade and Employment the cost to date of the investigation into irregularities at National Irish Bank; the final cost of the investigation; and when she will report on the investigation to Dáil Éireann. [21146/98]
An officer of my Department was appointed on 23 March last under section 59 of the Insurance Act, 1989, to investigate possible breaches of insurance legislation in relation to National Irish Bank Ltd. and its associated companies. While the content of the officer's report is confidential, I have furnished copies of the report to the Director of Public Prosecutions, the High Court inspectors appointed to investigate the affairs of National Irish Bank Ltd. and National Irish Bank Financial Services Ltd. and to the Revenue Commissioners for whatever action they deem appropriate. The only State expenditure incurred by the section 59 inquiry was in paying the normal salary costs of departmental officials associated with the investigation.
Mr. John Blayney, a retired Supreme Court judge, and Mr. Tom Grace, FCA, have been appointed by the High Court as inspectors under section 8 of the Companies Act, 1990, to investigate the affairs of National Irish Bank Ltd. and National Irish Bank Financial Services Ltd. The cost to date of these investigations is £474,511. Having regard to the fact that certain aspects of the inspectors' work will shortly be the subject of an appeal before the Supreme Court, it is not possible at this stage to estimate accurately what the final cost will be.
Section 13 of the Companies Act, 1990, provides that the cost of an investigation by an inspector appointed by the High Court shall be defrayed in the first instance by my colleague, the Minister for Justice, Equality and Law Reform. However, the court may direct that any person, being inter alia a company dealt with in the inspectors' report, shall be liable to repay that Minister the costs incurred to such extent as the High Court directs. As I have already indicated, it is my intention to request the High Court in due course to seek the full recoupment of the significant costs of this investigation.
Section 11 of the 1990 Act provides that the publication of any inspector's report is a matter for decision by the High Court. It would be my hope that the court will exercise its discretion in favour of publication in due course.
