IBRC commission of investigation


The IBRC commission of investigation is an Irish government commission of investigation to look into the transactions of Irish Bank Resolution Corporation that led to its failure.
The commission was established by the Oireachtas under the Commission of Investigation Order 2015 passed by Dáil Éireann and Seanad Éireann on 10 June 2015 to investigate transactions of IBRC.
It is composed of the Chairperson and sole member, originally Mr Justice Daniel O'Keeffe, and subsequently Judge Brian Cregan. The original Chairperson Mr. Justice O’Keeffe informed the Government that, for personal reasons, he was unable to continue to act as Chairperson of the Commission; he was replaced by Judge Brian Cregan, a judge of the High Court.

Cost and timing

The Commission will be fully resourced and have its own staff. It will cost an estimated €4 million for 2015.
Although the original term was that the Commission should report by 31 December 2015, the Taoiseach almost immediately stated that it might extend beyond that period but an interim report would be expected by December 2015.
The Commission submitted a series of requests during 2016 in tandem with its first three interim reports.  On the third occasion in June 2016, the Taoiseach revised the time frame for the submission of the Commission’s final report until the end of October 2016. The commissioner’s terms of reference were changed to focus on the 2012 sale of Siteserv to a company owned by businessman Denis O’Brien for €45.5 million, with a write-off of €110 million in loans. The cost of this new commission were later estimated by the new Taoiseach, Leo Varadkar, to be in the range of €20-25 million in February 2018, at which point the Commission had spent over €1.2 million.