Tuesday, 19 February 2013

Questions (263)

Mattie McGrath

Question:

263. Deputy Mattie McGrath asked the Minister for Finance the hourly rate and the amount that has been paid to date to the Joint Special Liquidators appointed by him to liquidate the Irish Bank Resolution Corporation, formerly Anglo Irish bank under the provisions of the Irish bank Resolution Corporation Act 2013; the way this hourly rate compares with other countries in the EU; his views on the often exorbitant rates of pay charged by liquidators, examiners and receivers; if he has considered introducing legislation or regulation to ensure that the State is not ripped off by such persons; and if he will make a statement on the matter. [8357/13]

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Written answers (Question to Finance)

I am sure the Deputy will understand that for commercial reasons hourly rates cannot be disclosed. It is obvious that in the circumstances, a tender process could not have been entered into for the liquidation of IBRC due to the sensitivity of the matter. However, I can assure him that the rates that have been agreed are commensurate with those agreed following a tender process undertaken by the National Asset Management Agency. As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators’ fees, will be paid out of the assets of IBRC in priority to all other claims.

The issues of legislation for regulating pay rates does not fall under my remit, however I can assure the Deputy that this Government will always work to ensure that best value is achieved for taxpayers.