The IBRC Commission report has today finally been published. It makes a series of damning conclusions which The Currency has written about extensively in relation to certain individuals previously.

Contacted by The Currency, both Alan Dukes, the former finance minister who previously chaired IBRC, and Mike Aynsley, its ex-chief executive, have responded to the publication of the long awaited 1,545-page report of the IBRC Commission.

Catherine Murphy, the co-leader of the Social Democrats whose allegations in the Dail led to the establishment of the Commission, has also delivered an initial response. 

The report concludes about IBRC and its employees that: “In an overall assessment, the Commission concludes that the Bank executives worked honestly and diligently throughout the Siteserv transaction to protect the interests of the Bank.” 

The bank is criticised on two issues, which The Currency has previously reported on. However, it finds it “unfair to blame any one individual” for either error. 

The Commission concludes that Dukes, a former leader of Fine Gael, “behaved entirely properly at all material times in relation to the Siteserv transaction.”

It said Aynsley “exercised his duties honestly and diligently and in a proper and professional manner at all times,” and that there was “no prima facie evidence of any material deficiency in Mr Aynsley’s performance of his functions on behalf of the Bank in relation to the Siteserv transaction”.

Alan Dukes told The Currency:

“After a lengthy and forensic examination of evidence from all of the interests involved in the Siteserv transaction in 2012, the Commission of Investigation into IBRC has concluded that there were no material deficiencies in the handling of the transaction by the bank. The Directors, senior management and transaction personnel have been entirely vindicated.”

He added:

“It is noteworthy that not a single one of the allegations made in Dáil Éireann by Deputy Catherine Murphy (and taken up by others) has been substantiated. She should now unreservedly apologise to the people she slandered, to the taxpayers and to the Dáil, and she should now correct the record of the house.”

Mike Aynsley said he would like to make an additional comment alongside Duke’s comments:

“I also very much welcome the publication of the final report of the Commission of Investigation’s examination of the Siteserv transaction.

“The extremely detailed work undertaken by the Commission fully exonerates the Board and Executive team of IBRC by finding that they at all times acted honestly, diligently and in a proper manner.

“As our Chairman has pointed out, the commission has concluded that none of the allegations made in the Dáil Éireann could be substantiated. It is disappointing that the taxpayer has borne such a hefty cost in investigating these matters in addition to that already incurred by the collapse of and bail-out of the Bank. 

“While not wishing to criticise the work of the Commission in any way, which had to operate within the parameters it was given, I believe Ireland should review how it carries out such investigations with a view to making them more time efficient and cost effective.”

“I am very proud to have worked with such a competent and professional Board and Executive team from August 2009 to February 2013 when IBRC entered ‘Special Liquidation’ and I am delighted that the findings of the Commission remove any perceived clouds over the reputations of those who worked tirelessly to recover as much as possible for the Irish taxpayer.”

Catherine Murphy, who has raised questions and criticisms in relation to the sale of Siteserv to the businessman Denis O’Brien for years prior to the establishment of the Commission, said:

“The Siteserv transaction was beyond questionable. There was an absolute need to get to the bottom of what occurred and from what I have read of the report so far, my position has been vindicated that I was right to raise this issue in the Dail,” she said. “I need more time to be able to read it all and I intend to comment further in time.”

She said without reading the entire report she could not respond to Dukes.