Project News

Monday, 9th May 2016

Managing Conflicts of Interest and Confidentiality in the Invitation for Expressions of Interest for the partial divestment of Keystart’s loan portfolio via equitable assignment.

In accordance with the Probity Statement published on the 30 March 2016, the Chairman of the Keystart Board has stepped aside from any consideration of submissions received in the Invitation for Expressions of Interest (EOI) for the partial divestment of Keystart’s loan portfolio via equitable assignment. 

The Chairman declared a perceived conflict of interest on initially taking up his appointment to the Keystart Board (28 August 2015) because of an advisory role in the banking sector and reaffirmed this on the 7 December 2015 before the commencement of the EOI process. The decision to undertake the partial divestment of Keystart’s Loan portfolio was initiated jointly by Treasury and Keystart in June 2015.  

The Protocol approved by the Keystart Board on the 24 March 2016, noted that on occasions where there is consideration of matters relating to the EOI, another member will undertake the role of Chair. This action was followed by the Board in the consideration of Respondents recommended at the EOI shortlisting stage. 

For competitive and confidentiality considerations information on shortlisted Respondents will not be disclosed until an announcement is made at the completion of the process, scheduled for August 2016.

The Conflicts of Interest and Confidentiality measures will be overseen by the Probity Advisor for the project and reviewed at each stage of the EOI process as appropriate.