Dáil Éireann Debate, Wednesday - 18 April 2012
172 Deputy Gerry Adams asked the Minister for Finance when his attention was drawn to the decision of IBRC to write off €100 million owed to it by a company (details supplied); if he sought an explanation from IBRC in relation to this move; if he supports this decision; and if he will make a statement on the matter. [18679/12]
Amharc ar fhreagraIBRC have informed me that KPMG Corporate Finance and Davy Corporate Finance ran a joint sales process to sell the company referred to in the question which was in severe financial difficulties and was unable to service or pay back its loans to IBRC. The sale process was initiated by the company referred to in the question and overseen by a subcommittee of the Board of that company. The sale process involved two stages and IBRC was briefed after each stage. The Board of the company referred to in the question, as advised by KPMG Corporate Finance and Davy Corporate Finance, recommended the successful bid as representing the best return for IBRC. The Board of the Bank are satisfied that this is the case.
