Catherine Murphy calls for 'urgent' changes to allow IBRC inquiry proceed
The TD who first raised concerns about transactions at IBRC says the inquiry needs stronger legislative powers urgently.
Social Democrat TD Catherine Murphy said she would be in favour of whittling down the investigation to the top six write-offs, as long as it included all of the transactions that raised concern in the Department of Finance.
Yesterday, Judge Brian Cregan of the Commission of Investigation into IBRC said it was unable to proceed without stronger legislation.
It said it would take several years to investigate all 38 transactions, but that the top write-offs could be examined within 18 months.
One of the sales being probed is billionaire Denis O’Brien’s purchase of Siteserv which involved a writedown of €119m. It was one of 40 sales of assets or loans by Anglo to be examined under Judge Cregan’s inquiry covering the time from the rogue lender’s nationalisation on January 21, 2009 until when the liquidation was ordered in February 2013.
Deputy Murphy said that time frame depended on legislative changes.
"The 18 months that he estimates it would take to look at the larger transactions will only commence once that legislation is in place, so there's an urgency about that," she said, "but it has to be got right as well because, to be honest with you, I certainly would not be fobbed off now that we know what we know."
