Dáil Éireann Debate, Wednesday - 24 April 2013
77. Deputy Stephen S. Donnelly asked the Minister for Finance further to Parliamentary Question Nos. 275, 276, 277 and 278 of 16 April, 2013, if he will provide details of the way that the Irish Bank Resolution Corporation assets relating to the €15bn the National Assets Management Agency funding were estimated, including any external verification; and if he will make a statement on the matter. [19459/13]
View answerTo be clear, NAMA issued Senior Bonds totalling €12.928 billion to purchase the CBI’s remaining lending to IBRC under the Facility Deed. That lending is backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by a Ministerial guarantee. This ended the CBI’s lending relationship with IBRC and NAMA became the largest creditor to the liquidation. The Special Liquidator is charged with discharging this loan, which was acquired by NAMA, through a valuation and sales process of the remaining assets of IBRC over the coming months. As the Deputy will be aware extensive work has been undertaken by both the former Board of IBRC and my officials in relation to the winding up of IBRC. The Deputy will appreciate it was not possible to fully engage with the bank or its management in relation to the liquidation in advance of the transaction as this would have triggered legal obligations for the directors of the bank. However, extensive information in relation to the assets and liabilities of IBRC was provided to and held by the Department of Finance as part of its normal engagement with the bank including the audited Annual and Interim financial reports and accounts for the periods prior to liquidation, loan loss and provisioning exercises, internal and external auditor reports, Board papers and presentations, monthly management reports, financial presentations and other information provided to officials as part of their normal interaction with the bank.
