IBRC Liquidation

Dáil Éireann Debate, Thursday - 28 February 2013

Thursday, 28 February 2013

Questions (45)

Colm Keaveney

Question:

45. Deputy Colm Keaveney asked the Minister for Finance in view of the fact that Irish Bank Resolution Corporation Act 2013 grants him the power to direct the special liquidator in the carrying out of his or her duties, the way he proposes that the issue of the mortgages and loans owing by the former employees of IBRC be addressed, noting that these loans are not being transferred to National Asset Management Agency but are remaining with the liquidator; and if he will make a statement on the matter. [10495/13]

Written answers

Minister for Finance

As set out in the Irish Bank Resolution Corporation Act 2013, NAMA will not be required to make a bid for “any credit facility pursuant to which IBRC (or Nationwide Building Society (“INBS”)) has made facilities available to current or former employees and/or officers of IBRC or INBS.” No other directions have issued in respect of these credit facilities and they will be managed by the Special Liquidators who will devise strategies on a case by case basis. There is an obligation on the Special Liquidators to ensure that the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State.