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Dublin: 5°C Thursday 21 October 2021

The man appointed (last month) to head up the IBRC inquiry has quit

The retired judge is stepping down, citing personal reasons.

Independent TD Catherine Murphy, who initially raised questions about issues at IBRC.
Independent TD Catherine Murphy, who initially raised questions about issues at IBRC.
Image: Photocall Ireland

RETIRED HIGH COURT judge Daniel O’Keeffe, who had agreed to head up the Commission of Investigation into certain transactions at IBRC, has told the government he won’t be able to continue in the role.

Ministers agreed at the start of last month that a Commission of Investigation into transactions at the former Anglo Irish Bank would be set up.

The probe, which will cost an estimated €4 million, will look at transactions where there was a loss of at least €10 million to the taxpayer. It will cover the period from 21 January 2009 to 7 February 2013, when IBRC was wound down.

The inquiry will look into whether Minister Michael Noonan or the Department of Finance were kept informed of certain transactions and investigate any deals that may have involved a preferential interest rate for certain clients.

Current High Court judge Brian Cregan is to take over from O’Keeffe as Chair of the Commission, the Department of the Taoiseach confirmed tonight.

“Mr Justice O’Keeffe has informed the Government that, for personal reasons, he is unable to continue to act as Chairperson of the Commission,” a statement said.

The work already undertaken by Mr Justice O’Keeffe will be available to Mr. Justice Cregan. This includes identifying suitable accommodation and the engagement of a legal team and ancillary services.

The establishment of the Commission of Investigation followed significant controversy over the bank’s dealings with businessman Denis O’Brien.

It will report by the end of the year.

Read: The IBRC gave A LOT of commercial borrowers really good interest rates

Read: After several rows, Sinn Féin votes against IBRC inquiry – but it’s still happening

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