Michael Noonan has announced IBRC's liquidators will undertake a review of all transactions which resulted in loss of over €10 million – including the SiteServ deal, which was carried out at a loss of €105m.

The review, to be conducted by Kieran Wallace and Eamonn Richardson of KPMG, will look into every decision, activity or transaction which saw the bank write off e10m or more, “between the date of nationalisation and the date that IBRC entered into liquidation,” according to a statement from the Department of Finance.

KPMG Corporate Finance assisted in the sale process on behalf of Siteserv PLC.

The Minister will direct the liquidators to highlight in their review any transactions “which give rise or would likely give rise to public concerns in respect of the ultimate returns to the taxpayer,” according to the statement.

The liquidators will investigate whether there were any failings on the part of the board, managers, employees or agents of the bank.

The Department of Finance has said that getting the liquidators to carry out the review “liquidators has the advantage of enabling work on the review to commence very quickly” – however, an order to begin the work will only be issued on Monday, and it will still take four months to finish with August 31 set as the deadline.

The review comes as the Department also releases new documents under Freedom of Information, offering more information on the sale of SiteServ.

The documents explain that SiteServ was allowed to manage its own sales process, because letting IBRC do it would suggest the company was struggling and could attract lower bids.

It says one bidder was excluded because SiteServ would have to pay for more research on its viability - while another was ruled out because THEY hadn't done their own research on SiteServ.

Rival companies were excluded because SiteServ did not want them looking at its internal data if they were not guaranteed to make a bid afterwards.