Fianna Fáil Senator Thomas Byrne has called for full transparency on a recent settlement of litigation between the liquidators of Irish Nationwide Building Society and four former directors.
It was reported this weekend that the special liquidator of IBRC has settled a case with the former directors for a sum of €20m. The settlement apparently does not relate to the affairs of former managing director Michael Fingleton.
“The collapse as a result of the mismanagement of Irish Nationwide Building Society has cost Irish taxpayers approximately €5.4bn. The least the Irish taxpayer can expect is to know what is involved with any settlements with the former directors of that institution. I am therefore calling for the full details of the settlement to be published and laid before the Houses of the Oireachtas.
“The banking inquiry is only getting going and, on the assumption that these directors will be important witnesses, it would seem to me that it would have been better to await that evidence before settling this case privately. The public rightly want to know what went on.
“I would also argue strongly that the settling of such an important case shouldn’t be a function of a special liquidator, but that political oversight should be in place.
“We have been promised openness and transparency in relation to the causes of the banking crash. However, the settling in secret of major cases with directors of one of our largest financial black holes, Irish Nationwide, does not inspire confidence,” concluded Senator Byrne.