An ongoing investigation into the IBRC - formerly Anglo Irish Bank - and the Siteserv deal continues to be hamstrung by strict issues of legal confidentiality.
A second interim report published by the Commission of Investigation has said legislative changes will be required for any progress to be made.
The Commission was established last June to investigate 38 transactions which led to a write off of debts to the IBRC totalling €1.8 billion.
In March 2012, Siteserv was bought by Denis O’Brien’s Millington for €45.4 million. The IBRC wrote off €110 of its €150 million debt, about 70 per cent.
“The Siteserv transaction has been the focus of significant public concern,” the report, published on Friday, notes.
“Moreover, the write-off of IBRC loans in respect of Siteserv is greater than €100 million and it is therefore one o f the six largest write-offs within the schedule of write-offs provided by the special liquidators to the Commission.”
So far only the Siteserv deal has been explored.
However, the Commission reported, much of the difficulties outlined in the initial interim report published last November, remain.
At that stage the special liquidators of IBRC asserted a duty of confidentiality over documents they gave to the Commission, particularly with regard to "banker-customer information". The Department of Finance did likewise.
“This is still the position. Accordingly, the Commission remains unable to receive into evidence the vast bulk of the documents furnished to it by both the special liquidators and the Department of Finance and is unable to proceed with its investigation into the Siteserv transaction, or any other transaction, without legislative change,” it said.
Last September, on foot of a request, the special liquidators to the IBRC supplied 186,000 pages of documents relating to the Siteserv deal.
It later found a number of documents it expected had not been included and, following further requests, now expects to receive about 50,000 more pages.
To the beginning of April, the Commission estimates total costs of its work at about €631,000. The special liquidators have placed their costs in assisting the inquiry at almost €2.8 million, while the Department of Finance has estimated €246,000.
