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Stanton, David

Friday, 8 July 2016

Dáil Éireann Debate
Vol. Nbr.


Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016: Order for Second Stage

I move: "That Second Stage be taken now."More Button

Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016: Second Stage

I move: "That the Bill be now read a Second Time."More Button

As the Members of the House are aware, this Bill is being brought forward today to give additional powers to the Commission of Investigation into the Irish Bank Resolution Corporation, IBRC. The...More Button

At the outset, I want to reiterate that the Government shares with the rest of this House a desire to ensure that there is an effective, efficient and timely investigation into the issues of sign...More Button

Before I outline the provisions of the Bill, I will set out the background to this particular commission of investigation and also mention some of the issues raised in the determinations and inte...More Button

In accordance with its terms of reference, the commission is required to investigate certain transactions, activities and management decisions which occurred at the IBRC between 21 January 2009, ...More Button

In November 2015, the sole member of the commission submitted an interim report. That report sets out in detail the substantial work undertaken by the commission up to that point and the outcome...More Button

In light of those concerns, the Taoiseach engaged with the leaders and representatives of the Opposition and, on behalf of the Taoiseach and the Tánaiste, I would like to thank those Members for ...More Button

As I have said, the first interim report of the commission from November 2015 outlined a number of significant issues which had arisen in the course of the commission’s work including the commiss...More Button

The approach adopted in this Bill is to introduce a bespoke piece of legislation which effectively applies the Commissions of Investigation Act 2004 with specific provisions relating to the IBRC ...More Button

Turning to the individual sections, section 2 addresses certain powers of the commission. Subsection (1) confirms that the commission may make such orders and determinations, and give such direc...More Button

Subsection (2) addresses the finding of the commission of investigation set out in its determinations and in chapter 6 of the first interim report to the effect that the commission lacked the nec...More Button

Paragraph (b) of subsection (2) refers to Article 27 of the EU market abuse regulation. Article 27 provides for the non-disclosure, on grounds of professional secrecy, of information received pu...More Button

Sections 3 and 4 of the Bill are introduced to ensure that the commission may seek the directions of the High Court or refer any question of law to that court regarding the performance of its fun...More Button

Section 5 is an important section and will address two concerns identified by the commission. The first relates to the efficient management of the workload of the commission. As the House is aw...More Button

However, in light of the potential for a large number of investigations, the commission has recommended, and it would certainly appear prudent, the appointment of additional members to the commis...More Button

Commission of Investigation (Irish Bank Resolution Corporation) Bill 2016: Second Stage (Continued)

Permitting the commission to sit in divisions will also mean that the concern identified by the commission in its first interim report relating to a possible conflict of interest between a member o...More Button

Section 6 of the Bill addresses the disclosure of information by the special liquidators to IBRC to the commission of investigation. Determination No. 1 of the commission addresses the assertion...More Button

The issues regarding the duty of confidentiality have been addressed through section 2 of this Bill in relation to which I have already spoken. However, in its determination, the commission furt...More Button

While the special liquidators were willing to disclose the documents to the commission for the purpose of the investigation it did not consent to the documents being provided to any third parties...More Button

Section 6 addresses the concerns raised by the commission. First, subsection (I) introduces a general requirement on the special liquidators to comply with all directions by the commission under...More Button

Section 7 will disapply section 118 of the Companies Act 1990 to enable the Irish Stock Exchange to provide confidential information to the IBRC commission who may admit it into evidence. Determ...More Button

Finally, in terms of the substantive provisions of the Bill, section 8 will amend the Commissions of Investigation Act 2004 but only in so far as it applies to the IBRC Commission of Investigatio...More Button

Section 9 deals with the commencement of the legislation. I think Members of this House will agree that although this is not a long Bill, it will provide significant additional powers to the Com...More Button

I remind Deputies that the very significant public concerns regarding certain transactions carried out by IBRC, and which were recognised and acknowledged by this House, must be addressed in a co...More Button

Finally, before I finish I would just like to return to a matter that I briefly mentioned earlier. Given the number of transactions undertaken by IBRC which have been identified and which involve...More Button

The Government intends to brief the Opposition leaders on these revised terms of reference next week, and a draft Order with the revised terms of reference will then need to be approved by both H...More Button

I thank the leaders and Members of the Opposition for their contribution in reaching a solution to the issues raised by the commission and which would, if unresolved, have undermined the ability ...More Button

Finally, I thank the Ceann Comhairle and Deputies for facilitating the Second Stage debate in this House today.More Button

I thank the Members of the House and those who contributed to this debate today. As I said when I presented the Bill, the Government wants an effective, efficient and timely investigation into the...More Button

I also acknowledge the very substantial preparatory work which has been carried out by the sole member of the commission to date and which is set out in detail in the interim reports and determin...More Button

I will now turn to some of the issues raised in the debate. Deputy Calleary outlined a number of issues relating to transactions carried out in IBRC which have rightly given rise to significant ...More Button

Deputy Cullinane stated that this Bill was the result of a rushed and flawed legislation but this commission was established under legislation dating from 2004. The issues raised by the commissi...More Button

The Government and I share Deputy Burton's wish to see a speedy investigation by this commission. The provisions of this Bill are drafted to assist an efficient and, more important, an effective...More Button

In response to Deputy Paul Murphy, the intention is to amend the terms of reference to introduce a modular approach with a focus in the first phase on Siteserv, and this was welcomed by a number ...More Button

I acknowledge the excellent and outstanding work of Deputy Catherine Murphy which led to the establishment of this commission. I say to her, "Well done". She raised a question about the circula...More Button

I understand Committee Stage will be taken in the House.More Button