Tuesday, 11 March 2014

Ceisteanna (100)

Peter Mathews

Ceist:

100. Deputy Peter Mathews asked the Minister for Finance if he will confirm further to the special liquidator of Irish Bank Resolution Corporation's statement (details supplied) to the Joint Committee on Finance, Public Expenditure and Reform that the partner leading the valuation work was from PwC in London and that any PwC people could not have had a prior relationship with IBRC; if he will clarify whether the special liquidators were specially referring to the corporate entity that is IBRC alone or whether he was including the predecessor financial institutions of Anglo Irish Bank and Irish Nationwide in the context of that statement; if he will confirm whether any of the partners, executives or staff involved in Project Atlas has anything to do with the valuation work on the IBRC; if he will confirm whether the names of any partners executives or staff involved in Project Atlas were included in the tender document PwC submitted to IBRC to obtain the mandate; if he will confirm whether in the tender document submitted by PwC to obtain the mandate whether it was led by partners from PwC in London or Ireland; and if he will make a statement on the matter. [11952/14]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am advised by the Special Liquidators that the valuation exercise being carried out by PwC is being led by partners in the UK office of PwC and not by partners based in Dublin. As the Deputy will be aware Project Atlas was an assignment carried out by PwC for the Irish Financial Services Regulatory Authority in 2008 and 2009 and it reflects a fundamentally different assignment from the work currently being undertaken by PwC for the Special Liquidators in this case. I am advised by the Special Liquidators that they are aware of one partner in PwC who was involved in the Project Atlas work for the IFSRA during that time and is also a member of the team carrying our the valuation exercises for the Special Liquidators. PwC have confirmed to the Special Liquidators that no conflict of interest arises in this case.

I am further advised by the Special Liquidators that PwC were appointed following a competitive tender based on both their experience in the loan portfolio space and the cost of the services provided. The Special Liquidators are satisfied that no conflict of interest arises in this case.