IBRC Liquidation

Dáil Éireann Debate, Thursday - 9 May 2013

Thursday, 9 May 2013

Questions (50)

Gerry Adams

Question:

50. Deputy Gerry Adams asked the Minister for Finance further to Parliamentary Question No. 238 of 19 February 2013, if he will provide an update on the composition and ownership structure of the Irish Bank Resolution Corporation subsidiaries of which there are nearly 300; if he will explicitly confirm whether the liquidator is responsible for overseeing the disposal of the IBRC wealth management business or whether this business is separate to the IBRC liquidation; if he will confirm whether a broker has been appointed to value this business and whether it is expected to be sold or transferred to the National Asset Management Agency; and if he will make a statement on the matter. [21922/13]

Written answers

Minister for Finance

The special liquidators have confirmed that Irish Bank Resolution Corporation Limited holds an interest (either directly or indirectly) in various entities, some of which are 100% owned, other subsidiaries have equity structures that reflect share ownership by the bank which ranges from minimal ownership up to and including full ownership by the bank. Interests are held in entities incorporated in a number of different jurisdictions however principally in the UK, Ireland and the US. The wealth management business is operated through Irish Bank Resolution Corporation Limited and the special liquidators will be responsible for overseeing the disposal of this business unit.

The Special Liquidators are in the process of appointing valuers to value Irish Bank Resolution Corporation’s Limited various equity interests and the valuations will be commenced shortly. The Special Liquidators will then engage in a sales process to dispose of this asset.