As the Deputy will be aware, on 7th 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). At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the businesses, processes, systems and personnel of IBRC. It is important that focus is placed on assessing, reorganising and restructuring the day–to-day activities of the Bank to meet the primary objective of ensuring the purpose of the special liquidation is achieved, as this is key to ensuring that value is extracted from the liquidation.
The Special Liquidators are currently agreeing all the creditors’ claims and it is therefore too early in the liquidation to ascertain the level of unsecured creditors.
To the extent that there are proceeds available after repayment in full of the NAMA debt these proceeds will be applied to the remaining creditors of IBRC who have not been paid. The Special Liquidators can confirm that the Companies Act’s priorities will apply in the liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors subject to the normal legal priorities.
I thank the Deputy for his understanding in what is a crucial phase in the liquidation.
