The judicial inquiry into the sale of SiteServ to a company controlled by businessman Denis O’Brien has asked the Government for more time to complete its hearings and write a report.

The Cregan Commission now says it expects to present a final report by the end of March 2020.

The Government first established an inquiry in June 2015 into the sale by Irish Bank Resolution Corporation of construction services company SiteServ.

IBRC was set up to manage the legacy issues of the failed financial institutions Anglo Irish Bank and Irish Nationwide Building Society. In June 2012 it sold SiteServ to Millington, a company controlled by Denis O’Brien.

It was valued on the books of IBRC at €160 million but was sold for €45.5m, with the difference written off by IBRC.

The scale of the write down caused political controversy, which led to the setting up of an inquiry.

In its fifth interim report, the Cregan Commission lists its activities to date, including:

Issuing 56 directions for discovery of documents and has receiving 63 affidavits of discovery.

Receiving approximately 500,000 pages of documentation in discovery from all relevant parties.

Receiving 102 witness statements. Some witnesses have furnished a number of witness statements to the Commission.

Commencing oral hearings on 31st October 2017. The bulk of the Commission’s work since its Fourth Interim Report in November 2017 has consisted of hearing oral evidence from a variety of witnesses. So far, the Commission has heard 148 days of evidence in oral hearings. (The commission says the confidential nature of the inquiry means it cannot supply details of the evidence in its interim report).

Hearing evidence from: (i) Corporate finance advisers to Siteserv; (ii) Corporate finance advisers to IBRC; (iii) Legal advisers to Siteserv; (iv) Siteserv non-executive directors; (v) Siteserv executive directors; (vi) Underbidders for Siteserv; and (vii) The Bank’s observer in the sales process.

The Commission plans to hear oral evidence next from: (i) the purchaser of the Siteserv subsidiaries, together with advisers; (ii) IBRC directors; and (iii) IBRC executives.

Obtaining witness statements from the former executives and directors of IBRC address the Siteserv transaction as well as the processes, procedures and controls which were operated by IBRC and, where relevant, the principles and policies within IBRC in respect of the setting of interest rates. These issues will be addressed by the former IBRC directors and executives in their oral evidence to the Commission.

Obtaining witness statements from current and former officials within the Department of Finance and from the former Minister for Finance. It has also obtained witness statements from officials within IBRC who interacted with the Department of Finance.

Obtaining witness statements and evidence in relation to whether any unusual trading in Siteserv shares took place.

The commission says it will conduct Oral hearings until the end of June. It will need six months to write a final report, which will be circulated to all parties involved for a three month review period, taking it up to March 2020.

So far the Cregan Commission has cost €4.5 million, but this does not include any provision for legal costs which may be due to any of the parties called upon to supply evidence.