Dáil Éireann Debate, Wednesday - 22 February 2012
22 Deputy Clare Daly asked the Minister for Finance if, relating to the nationalisation of Anglo Irish Bank and the published demands of a company (details supplied) for full compensation, the correspondence has continued; if the assessor has been appointed; and the representations that have been made in this matter by Irish legal firms and the number of bonds that have been redeemed at full 100% face value by the Irish Bank Resolution Corporation. [9848/12]
View answerAs the Deputy may be aware, the Anglo Irish Bank Corporation Act 2009 provides that the Minister shall appoint an Assessor at an appropriate time having regard to the public interest, to determine the fair and reasonable aggregate value, if any, of the transferred shares and extinguished rights and the consequent amount of compensation, if any, that may be payable to persons in respect of Anglo shares transferred and rights extinguished under the Act. Work on the process to appoint an Assessor is under way in my Department. I would also note that in considering the appropriate approach to filling the position of Assessor I will have regard to best practice internationally on such matters. It is likely, in this context, that the appointment of the Assessor will involve a competitive tendering process.
The preference shares backing the securities issued by the firm referred to in the Parliamentary Question were acquired by the Minister for Finance upon the nationalisation of Anglo Irish Bank Corporation plc. in January 2009. The preference shares remain outstanding and in the Minister's ownership.
There have been representations from a number of sources in relation to the appointment of the assessor including from legal firms representing the relevant Firm.
Finally, the number of bonds that have been redeemed at 100% face value by IBRC since nationalisation is 155.
