Sunday 23 October 2016

Sinn Fein's Doherty reveals fresh claims about IBRC sale of Siteserv in Dail debate

Pearse Doherty
Pearse Doherty
Michael Noonan

Sinn Fein's finance spokesman Pearse Doherty has revealed fresh details of what he said were documents related to Denis O'Brien's IBRC loans.

During a debate in the Dail on the setting up of a Commission of Investigation into the sale of Siteserv to Mr O'Brien's Millington company, Mr Doherty said he had documents which led to questions about the way that IBRC was run in the public interest.

In his speech Mr Doherty said that Mr O'Brien met a case team from the bank and said he had a "verbal agreement" with former IBRC CEO Mike Aynsley and senior executive Richard Woodhouse.

Mr Doherty told the Dail that Mr O'Brien wrote to IBRC in March 2013 requesting that he be able to repay his loans over a three-year period.

However, the bank's credit committee said the loan could only be extended by 12 months.

Mr Doherty said Mr O'Brien requested a further extension with no capital repayments in April 2013, but received a "de facto second rejection".

Minister for Finance Michael Noonan addressed the Dail to correct the record on previous answers he gave on IBRC.

He said the package of board documents from March 15 2012, where the sale of Siteserv were included, was received by the Department of Finance.

Mr Noonan said the Government would review all transactions resulting in capital loss to IBRC of €10m, or transactions giving rise to public concern. He said there were 30-40 transactions over €10m.

Earlier, Taoiseach Enda Kenny had been accused of "going into hiding" over the Siteserv IBRC controversy.

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