Taoiseach says 'full-blown' public inquiry into IBRC will be considered

Enda Kenny has granted the Creegan Commission a two-month extension

Enda Kenny, USC, phasing out, reform, Michael Noonan, minister,

Taoiseach Enda Kenny | Image: Rollingnews.ie

The Taoiseach has said that a "full-blown" public inquiry into the sale of loans at the former Irish Banking Resolution Corporation is an option that has to be considered.

Enda Kenny confirmed in the Dáil today that he had granted the Creegan Commission a two-month extension.

The Fine Gael leader also denied there was anything sinister in publishing the second interim report of the commission of investigation into IBRC on the Friday night of a bank holiday weekend.

The commission was set up last June to investigate 38 transactions connected to the former bank that each led to a loss of more than €10 million to the state.

It said in its report on Friday that legislative changes were needed to overcome legal difficulties in its work. 

The probe covers a four-year period from January 21st, 2009, to February 7th, 2013, when IBRC was wound down.

The 2012 sale of Siteserv to businessman Denis O’Brien for €45 million is one of the largest transactions under examination.

Mr Kenny said all options now have to be considered to salvage the inquiry.