The ability to speak freely in the Dáil is crucial, even when TDs are wrong

A 1,500-page report on Irish Bank Resolution Corporation’s (IBRC) sale of Siteserv plc in 2012 to a company controlled by billionaire Denis O’Brien found that the transaction was “tainted with impropriety”. Siteserv owed almost €150m to IBRC, the company set up to liquidate all the assets of the collapsed Anglo Irish Bank and Irish Nationwide and to maximize the return for the state.

As part of the sale to O’Brien’s company, over €119 million owed to the bank by Siteserv was written off, leading to claims that IBRC failed to maximize the value it could have brought to the state. The Cregan Commission, set up to investigate this and several other sales, found that O’Brien was given exclusive rights to the deal, which gave him “a significant advantage over the other bidders acquiring the Siteserv group wanted to”. The Commission found anomalies in Siteserv executives having conflicts of interest that were not disclosed to the IBRC or the Treasury Department. The ability to speak freely in the Dáil is crucial, even when TDs are wrong

Fry Electronics Team

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