IBRC Liquidation

Dáil Éireann Debate, Wednesday - 13 February 2013

Wednesday, 13 February 2013

Questions (63)

Pearse Doherty

Question:

63. Deputy Pearse Doherty asked the Minister for Finance if he will confirm the treatment of equity in Irish Bank Resolution Corporation and if it will be returned to the State; if so when; and if he will make a statement on the matter. [7730/13]

Written answers

Minister for Finance

As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC (with immediate effect to wind up its business and operations. The normal Companies Act’s priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors subject to the normal legal priorities.

If there is any residual equity in IBRC following the completion of the liquidation process and payment of all creditors, this will be returned to the State as the owner of IBRC.