Dáil Éireann Debate, Thursday - 26 November 2015
77. Deputy Michael McGrath asked the Minister for Finance the status of the reports completed by McCann Fitzgerald and by Ernst and Young into certain corporate governance matters at the former Irish Nationwide Building Society; if the reports have been referred to An Garda Síochána and to the Office of the Director of Corporate Enforcement; the action being taken on foot of the content of the reports. [42262/15]
Amharc ar fhreagraAs the Deputy is aware, a number of reports were produced by Ernst and Young and McCann FitzGerald at the request of the Irish Nationwide Building Society Board in relation to governance matters in the former Irish Nationwide Building Society. Copies of all of these reports have been provided to the Central Bank of Ireland ( CBI ) under the terms of a protocol for limited disclosure agreed between the parties to preserve legal privilege over the material. IBRC was prohibited from disclosing these reports to anyone without the consent of the CBI, McCann FitzGerald and Ernst & Young.
The Special Liquidators understand that given the ongoing nature of the investigations by the Authorities, including in particular the investigation being conducted under the Central Bank's Administrative Sanctions Procedure into historic lending practices at Irish Nationwide Building Society, the reports cannot legally be published at this time. The Central Bank's investigation is ongoing and publication of the reports may be considered when the investigation is concluded or when any Garda investigation has been finalised (or any proceedings arising from such investigation are concluded). As the Deputy is aware, there are ongoing civil proceedings against former directors of INBS.
No reports about INBS legacy issues were submitted to the Office of the Director of Corporate Enforcement as that office does not have statutory jurisdiction over building societies.
