IBRC Liquidation

Dáil Éireann Debate, Tuesday - 19 February 2013

Tuesday, 19 February 2013

Questions (238)

Gerry Adams

Question:

238. Deputy Gerry Adams asked the Minister for Finance if he will confirm news reporting that a number of legal entities remain outside the Irish Bank Resolution Corporation liquidation including entities related to the wealth management division and the assurance company; if he will list the names of each corporate entity that remains outside the liquidation of IBRC; the reason these corporate entities remain outside the liquidation; and if he will make a statement on the matter. [8057/13]

Written answers

Minister for Finance

The Special Liquidators were appointed to Irish Bank Resolution Corporation Limited (the "Bank") pursuant to the Special Liquidation Order of 7th February 2013 (the "order") and they are in the process of progressing the special liquidation pursuant to the order. The Special Liquidators are currently establishing the composition of and the ownership structure of the subsidiaries of which there are nearly 300. However, no other entities, other than the Bank were specifically party to the order of 7th February. The remaining subsidiaries will be wound up or sold by the Special Liquidators to optimise value, and once all of its obligations are resolved, IBRC will cease to exist.