Michael Noonan has announced details of an independent review into IBRC's sale of SiteServ.
He says IBRC's special liquidators will investigate every IBRC decision which resulted in a loss of over €10 million - including the SiteServ deal which resulted in a loss of €105 million.
The review by Kieran Wallace and Eamonn Richardson of KPMG will investigate whether there were any failings on the part of the board, managers, employees or agents of the bank.
The Department of Finance says getting the liquidators to carry out the review will make sure it's finished more quickly - but an order to begin the work will only be issued on Monday, and it will still take four months to finish.
Wallace and Richardson are the legally-appointed special liquidators charged with overseeing the winding-down of IBRC after it was put into special liquidation when legislation was passed overnight in February 2013.
The review comes as the Department also releases new documents under Freedom of Information to the independent TD Catherine Murphy, offering more insight on the sale of SiteServ.
The documents explain that SiteServ was allowed to manage its own sales process, because it believed allowing IBRC to run it would give the impression that the company struggling - and that lower bids might come in as a result.
They also deal with two unnamed rival bidders who said they were offering more than the €45 million ultimately offered by a subsidiary of Denis O'Brien's Millington.
It says one of the bidder was excluded because SiteServ would have to conduct due diligence on the viability of the buyer, and because the bid would also have tax implications.
A second bidder was excluded because the bidder had not done their own due diligence on SiteServ, which would require extra time and cost.
Rival companies were excluded from bidding because SiteServ didn't want them looking at its internal data if they weren't guaranteed to make a bid afterwards.
Elsewhere, the documents also reveal that IBRC carried out its own investigation into the payment of nearly €5 million to SiteServ's shareholders as part of the takeover.
It was told by advisory firm PwC that the offer would be necessary to have the deal voted through and to ensure the company survived its financial trouble.
