IBRC Investigations

Dáil Éireann Debate, Tuesday - 13 November 2012

Tuesday, 13 November 2012

Ceisteanna (238)

Gerry Adams

Ceist:

238. Deputy Gerry Adams asked the Minister for Finance further to Parliamentary Question No. 135 on 23 October 2012, if he will confirm if the awarding of the loan sale advisory contract to UBS by Irish Bank Resolution Corporation under the bank's structured procurement process followed the same tendering process as referred to in the answer to Parliamentary Question No. 133 of 23 October 2012, including where a request for quotation was published on Official Journal of the European Union; if he will confirm if this was not the same tendering process for the appointment of UBS; the reason IBRC adopted a different tendering process for the awarding of the contract to UBS; if he will confirm the number of competing bidders against UBS for the contract with IBRC; and if he will make a statement on the matter. [49803/12]

Freagraí scríofa

Minister for Finance

I have been advised that IBRC cannot disclose details regarding individual appointments of advisors relating to any commercially sensitive areas of activity such as the ongoing analysis, sale or recovery of individual loans or loan portfolios. The Bank adheres to a structured procurement process for the appointment of all its advisors. This procurement process is open, objective and transparent and is subject to the Bank’s governance processes including oversight through a regular reporting process by the main Board of the Bank. I have been advised that with regards to the appointment of this particular advisor, a request for quotation was not published on the Official Journal of the European Union as the public disclosure of appointments of this nature could have a negative impact on the Bank’s efforts to maximize loan recoveries. The Bank can confirm however that IBRC’s procurement policy was adhered to.