Dáil Éireann Debate, Tuesday - 23 April 2013
218. Deputy Pearse Doherty asked the Minister for Finance if it is appropriate to extend the anti-lobbying rules, which apply to the National Asset Management Agency, to the liquidation of Irish Bank Resolution Corporation. [18473/13]
View answerThe liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State subject to the provisions of the IBRC Act.
The Special Liquidators are in the process of devising and implementing a valuation and sales process in respect of the assets of IBRC. Any assets that are not sold to third parties for a value higher than the independent valuations will be sold to NAMA at that price. Assets that are transferred to NAMA will be subject to the anti-lobbying rules contained in Section 221 of the NAMA Act 2009. As the Special Liquidator will only be holding the assets for a short period and the sale is guided in a specified manner, the anti-lobbying provisions were not applied to it. As accountants, appointed as Special Liquidators, normal professional standards apply to all conduct.
