A retired High Court judge has been appointed to oversee any conflicts of interest which may arise in the investigation into Irish Bank Resolution Corporation (IBRC) transactions.

Minster for Finance Michael Noonan this evening announced Judge Iarfhlaith O’Neill will monitor potential conflicts of interest in IBRC transaction review.

In the wake of the controversy over the sale of Siteserv to businessman Denis O’Brien, Mr Noonan announced that officials from KPMG would examine all IBRC transactions which resulted in a loss of over €10 million to the taxpayer. The officials, Kieran Wallace and Eamonn Richardson, are also the IBRC special liquidators.

However, Opposition parties raised concerns about potential conflicts of interest because KPMG advised Siteserv.

IBRC review: Terms of Reference

In a statement, Mr Noonan said to “address potential conflicts of interest, with the agreement of the Special Liquidators I am directing the appointment of retired High Court Judge Mr Justice Iarfhlaith O’Neill to monitor any actual or perceived conflicts of interests”.

“The special liquidators are best placed to undertake such a review thoroughly and expeditiously – given their access to all books and records of IBRC, the resources at their disposal to conduct such a review and the power set out under the IBRC Act which allows me to make this direction in the public interest,” Mr Noonan added.

“I want to stress that the commission of this review and report is to serve the public interest in light of recent speculation and is not being undertaken as the result of any evidence that such deficiencies existed or that transactions were not commercially sound”.

The terms of reference of the review are to “consider all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by the National Asset Management Agency” between the nationalisation of the then Anglo Irish Bank in January 2009 and the liquidation of IBRC in 2013 which led to a loss of €10 million or more.

Other transactions which are “likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer” may also be included.

It will also examine the “processes, procedures and controls which were operated by IBRC in relation to relevant writeoffs, whether there is prima facie evidence of material deficiencies in the performance of their functions by those acting on behalf of IBRC, including the IBRC board, directors, management and agents, in respect of any transactions, activities and management decisions”.

The terms of reference add: “Whether it can be concluded from any relevant documentation, data or interviews with relevant individuals as appropriate that any of the transactions were not commercially sound in respect of the manner in which they were conducted, the decisions made or the outcomes achieved”.