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Noonan rules out widening terms of reference of Siteserv inquiry

The Finance Minister Michael Noonan has ruled out widening the terms of reference in the SiteServ...
Newstalk
Newstalk

09.41 27 Apr 2015


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Noonan rules out widening term...

Noonan rules out widening terms of reference of Siteserv inquiry

Newstalk
Newstalk

09.41 27 Apr 2015


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The Finance Minister Michael Noonan has ruled out widening the terms of reference in the SiteServ inquiry, to include transactions at AIB.

In an interview with the Sunday Business Post, the former boss of IBRC - Mike Aynsley - suggested they were not the only institution cutting deals with big borrowers.

He called for the Siteserv review to be widened.

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Siteserv's share register for the period before its sale is to be made public from today.

However Mr Noonan says they will focus their investigation on issues of concern.

Meanwhile Siteserv's share register for the period before its sale is to be made public.

It comes after it was reported that the company, which was sold to Denis O'Brien-owned firm Millington in 2012 at a loss of €100m to the State, saw a sharp rise in shares swapping hands in the month before the first bids for the firm were received by IBRC.

Yesterday Fianna Fáil leader Micheál Martin said the trading activity at Siteserv before its sale raised 'serious questions'.

The Tánaiste said yesterday she wants to see all of the documentation relating to the sale of Siteserv. Joan Burton said that if any details on the sale of Siteserv shares is available, it should be included in the review of the sale announced by the Government last week.

According to the Irish Independent, Siteserv liquidator Kieran Wallace is to make the document available on request from as early as this morning.

Last week the former chairman of IBRC, Alan Dukes, said he is fully confident that an inquiry into the sale of Siteserv will find no evidence of any wrongdoing.

He said he is satisfied that the bid by Mr O'Brien's Millington firm was the one with the best result for the bank, and therefore the taxpayer.


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