Dáil Éireann Debate, Thursday - 21 February 2013
76. Deputy Michael McGrath asked the Minister for Finance the date on which his Department first communicated with KPMG regarding the possibility of its being appointed as special liquidator of the Irish Bank Resolution Corporation; the procurement procedures that applied; the estimated value of the contract; and if he will make a statement on the matter. [9476/13]
View answerThe Department first communicated with KPMG on Friday the 12th October the possibility of their officials being appointed as Special Liquidator of IBRC. I am sure the Deputy will understand that for commercial reasons the estimated cost of the contract 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.
