Dáil Éireann Debate, Thursday - 6 December 2012
6. Deputy Michael McGrath asked the Minister for Finance if it is possible to identify the current holders of the remaining Irish Bank Resolution Corporation bonds; and if he will make a statement on the matter. [54862/12]
View answerThe bank has no means of establishing the underlying ownership of these securities which are freely tradable once issued. These securities are publicly traded and dealt through market participants and settled by clearing house systems. An issuer does not have any access to the records of the clearing house. At maturity, the bank will instruct its paying agent to transfer the funds due to the clearing house who will then distribute the funds to the holders of the securities as per their records. Even where the bank is presented with lists purporting to represent names of bondholders, I am informed there is no way for the bank or anyone else to verify such lists. In the circumstances the Deputy will appreciate that there is no way to identify, with certainty, the names of the remaining bondholders.
