THE FORMER CHIEF executive of IBRC – formerly Anglo Irish Bank – has issued a statement criticising the costs of a state inquiry looking into debt write-offs at the bank.

Mike Aynsley is highly critical of the commission of inquiry.

The inquiry is looking into the sale of IBRC loans where there was a loss of at least €10 million to the taxpayer.

Six of the transactions involved write-offs of over €100 million.

The sale of Siteserv (now Actavo) to Millington Ltd, a company controlled by businessman Denis O’Brien, for €45.4 million in March 2012 is one of the transactions the commission is looking into.

In his statement today, Aynsley said costs of the commission were set to exceed €25 million.

He said that it would “not surprise” him if the costs reached €100 million when “the costs of all parties are paid”.

The commission was set up in 2015 following on from opposition pressure from Social Democrats TD Catherine Murphy and others around the business activities of IBRC.

It was due to issue its final report by the end of 2015, but has yet to do so.

Aynsley worked as CEO for IBRC from 2009 to 2013.

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Read: High Court injunction imposed on Sunday Business Post over banking commission fears

Read: Catherine Murphy makes more claims in the Dáil about Denis O’Brien’s finances

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