Opposition leaders have said the Minister for Finance's announcement of a review into IBRC transactions falls far short of what is required, with the TD who raised concerns about the sale questioning which supervised the sale of Siteserv has been appointed to undertake the review.
That the review is to be conducted by KPMG, who assisted in the sale process of Siteserv, has raised immediate objections in some quarters.
Independent Kildare TD Catherine Murphy, who raised concerns over the sale says she will not accept the inquiry.
“KPMG and Davy (Corporate Finance) ran the Siteserv deal," she said.
"This is not credible, it’s not independent, the citizens will not accept," she added.
"Where are the Labour party on this? How can you ask the person or the company who were involved in it to investigate it?"
Following the announcement of a review by special liquidators into all IBRC transactions that saw a loss of €10m or more to the taxpayer, Sinn Féin President Gerry Adams said the measure “falls far short of what Sinn Féin have called for” and that the review “will not give us the answers we need.”
Mr Adams has said that a failure to properly investigate will mean Ireland has “learned nothing from the crippling recession that resulted from this tangled web of money and power.”
“Sinn Féin are calling for a full commission of inquiry to delve into the very heart of the matter,” Mr Adams said.
Mr Adams went on to call for an investigation carried out “in the full light of day by independent officials who are not tainted by association in this sordid mess.” He also said there is an need for answers as to why “so many dissenting voices in the civil service were ignored when it came to these deals.”
Fianna Fáil say they “reject the process proposed” by Michael Noonan.
Party leader Micheál Martin said Mr Noonan “is correct in identifying the public concern about the issues emerging around the sale of Siteserv. However, he is entirely incorrect in his proposed response.”
The proposed investigation will be run by special liquidators, from KPMG, who will examine any transactions “which give rise or would likely give rise to public concerns in respect of the ultimate returns to the taxpayer,” according to the Department of Finance.
"What is needed here is an independent investigation by someone at full arm's length from the process and completely detached from IBRC, Siteserv and the Department of Finance,” Mr Martin said.
Fiann Fáil has proposed a Commission of Investigation, saying “we know from FOI responses that the Finance Misiter has avoided doing the right thing for more than two years.”
"This issue is not going away ... it demands a comprehensive response. Minister Noonan needs to go back to the drawing board and come forward with plans for an independent investigation."
