SBCI advanced €60m to firm which then bailed out its UK parent
€70m in lending was approved for Bibby Financial Services Ireland, with Public Accounts Committee told that Irish branch paid €30m of that to its UK company
Marc MacSharry: Asked that the Office of the Director of Corporate Enforcement examine the support that was given to Bibby.
Tue, 09 Mar, 2021 - 20:30
Daniel McConnell, Political Editor
The State agency for business lending has advanced €60m to a firm which then used the money to bail out its UK parent company, the Dáil s Public Accounts Committee has heard.
During a session with the Strategic Banking Corporation of Ireland (SBCI), it emerged that €70m in lending was approved for Bibby Financial Services Ireland, a subsidiary of the Bibby shipping group in the UK.