What is truth?

1977270_1143569622336210_6732443807514791753_n

Up to 40 fat cats have had much of their massive debts written-off by state bank IBRC in deals which cost the taxpayer over €1billion.

These huge debt right-offs are to be probed as part of the commission of investigation into Denis O’Brien’s Siteserv company, which cost the taxpayer a staggering €119 million.

But the full scale of debt write-downs approved by the former Anglo Irish Bank could even be as high as €1.2 billion.

Under mounting pressure the Taoiseach was forced to order a commission of investigation into sale of bust SiteServ to a Denis O’Brien company at a loss to the taxpayer of at least €119million.

But the Sunday Business Post has reported that the probe is to be widened to investigate at least 40 other deals, some involving write-downs of over €100 million.

It is feared that the total loss to the taxpayer will be €1.2 billion or over the total take from the water tax over a four-year period.

Former IBRC chief executive Mike Aynsley told the paper that it was unfortunate that the taxpayer had to shoulder these massive sums.

He said: “Of course it is a high number and distressing as it is, the Irish taxpayer has effectively shouldered this burden.

“But it can hardly be surprising as it is a part of the massive overall support totalling some €29.3 billion that was injected into Anglo Irish Bank when the government decided to bail the bank out.

“As disappointing as it fells to focus on such amounts, it is not a new number, as it is just part of the overall cost of the bailout already funded by the state.”

The report also revealed that the commission of investigation into IBRC will examine the bank’s tax affairs.

The probe came about after independent Deputy Catherine Murphy claimed under Dail privilege that Denis O’Brien was given an interest rate of just 1.25% on his huge loans.

The Taoiseach resisted calls for an inquiry and Fine Gael and Labour voted down a Fianna Fail motion calling for a commission of investigation only a few weeks ago.

Shortly after the probe was announced the Department of Finance found files containing the minutes of an IBRC meeting held on March 15, 2012 when the sale of Siteserv was discussed.

Finance Minister Michael was forced then forced to apologise to Fianna Fail leader Micheal Martin as he had informed him earlier that these minutes did not exist.

Mr Martin said he does not accept that the department was not aware of these documents.

These files also revealed that the loss to the taxpayer was €119 million which is over €9 million more than previously estimated.

Tag Cloud

%d bloggers like this: