IN THE MATTER OF

IRISH BANK RESOLUTION CORPORATION LIMITED (IN LIQUIDATION)

AND IN THE MATTER OF THE
IRISH BANK RESOLUTION CORPORATION ACT 2013

Ministerial Direction to the Special Liquidators pursuant to Sections 9 of the Irish Bank

Resolution Corporation Act 2013

Pursuant to the power conferred on me by Section 9(2) of the Act and being of the opinion that
it is necessary to do so for the achievement for the purposes of the Act and in particular those
purposes set out in sections and ofthe Act, I hereby direct you to:











perform a review of certain activities of (the ?Review?) and produce a report
(the ??Report?) setting out the ?ndings of the Review in cooperation with the
independent oversight of an appropriate independent person as referred to in 

provide the Report to me and cooperate fully with any further investigation arising from
the Report by agencies of the State for these purposes;

obtain any necessary external advices or assistance and ensure that any actual or
perceived conflicts of interest which may arise are properly managed in connection
with the Review,

appoint, with the prior approval of the Minister, an appropriate independent person 
to monitor the Review in respect of any actual or perceived con?icts of interest and (ii)
to review the process pursuant to which the aforesaid Review under 1( a) and the Report
under 1(a) is conducted; and

comply with the terms of this Direction as expeditiously as possible and, in any case,
before 31 August, 2015, or as soon as practicable thereafter.

Terms of Reference

The scope and purpose the Review shall be as follows:

(3)

Scope of Review

The Review shall consider all transactions, activities and management
decisions, other than those relating solely to the acquisition of assets by the
National Asset Management Agency, which occurred between 21 January,
2009 (being the date of the nationalisation of and 7 February
2013(being the date of the appointment of the Special Liquidators to IBRC)
(the ?Relevant Period?); and which either:

(A) resulted in a capital loss to of at least 6 10,000,000 during the
Relevant Period (?Relevant Write or

(B) are speci?cally identified by the Special Liquidators as giving rise or

likely to give rise to potential public concern, in respect of the
ultimate returns to the taxpayer,

'ACtt6212275. 1'4

 Purpose ofReview

The Review shall investigate, in relation to each such decision, transaction and
activity within the scope of the Review:

(A) the processes procedures and controls which were operated by IBRC
in relation to Relevant Writeoffs 

(B) whether there is prima facie evidence of material de?ciencies in the
performance of their functions by those acting on behalf of IBRC,
including the board, directors, management and agents, in
respect of ny transactions, activities and management decisions
identified under 2(a) A and above.

(C) whether it can be concluded from any relevant documentation, data or
interviews with relevant individuals as appropriate that any of the
transactions were not commercially sound in reSpect of the manner
in which they were conducted, the decisions made or the outcomes
achieved having regard to the purposes section 3 of the Act.

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Michael Noonan TD
Minister for Finance

April 2015