The judge leading the State commission investigating loan write-offs at the former Anglo Irish Bank has had a request for an extension to the end of the year denied.
Mr Justice Brian Cregan has heard from the final witnesses in the first module, which is focused on the sale of building services company Siteserv, now called Actavo, to Isle of Man company Millington, which is controlled by businessman Denis O’Brien, for €45 million in 2012.
The judge made his request for an extension at the end of February when he submitted the commission’s seventh interim report to the Department of the Taoiseach.
However, at the end of March, the Taoiseach granted an extension only until the end of June, the department confirmed.
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A spokesman for the department said the decision only to give the shorter extension was due to “the need to consult other Oireachtas parties, the impact of the Covid-19 crisis and continuing negotiations on formation of a new government. A decision on publication of the commission’s seventh interim report will be taken after consultations have been completed”.
It is not clear how advanced the consultation with other parties is. Prior to taking decisions about the future of the inquiry, Fine Gael’s Leo Varadkar has consulted other leaders. However, sources who have traditionally been consulted at this phase said no contact has yet taken place.
The commission was set up in June 2015 to examine transactions that led to a loss of €10 million or more to the State-owned Irish Banking Resolution Corporation (IBRC), which was formed from the remains of Anglo Irish Bank and Irish Nationwide Building Society after both institutions collapsed during the financial crisis.
Cost overruns
Originally it was intended that the commission issue its final report by the end of that year. However, the investigation has been hampered by legislative limitations that required new laws to be passed, as well as cost overruns and time delays. It was originally intended to be completed for just €4 million, but the latest estimate is that the first module, focused solely on the sale of Siteserv, will cost up to €14 million. Mr Varadkar has said the final cost could rise to €30 million.
The commission was established after Social Democrats co-leader Catherine Murphy raised questions about the deal and Mr O’Brien’s finances in the Dáil. She has refused to testify at the commission, citing concerns that she will be forced to reveal the sources of her information on the businessman’s finances.
A letter sent to the commission by the office of the parliamentary legal adviser, on behalf of Ms Murphy, raised complex legal concerns around the constitutional protection given to statements made in the Dáil, and also argued that if she were to attend, she would be cross-examined by lawyers acting for other witnesses on “the source or sources” of her information.
The commission has already heard more than 200 days of evidence, including from Mr O’Brien, as well as from former senior Department of Finance officials, corporate lawyers and company executives. Its most recent interim report said the commission was not in a position to make any interim findings or conclusions, despite such a request from the Taoiseach.
