Tuesday, 2 July 2013

Questions (185)

Maureen O'Sullivan

Question:

185. Deputy Maureen O'Sullivan asked the Minister for Finance if he will seek a report from the Chairman of the Irish Bank Resolution Corporation identifying the number of instances in 2007 and 2008 where voluntary, non-profit organisations with deposits in Anglo Irish Bank converted those deposits into apparently higher-yielding shares; the typical number of bank-initiated contacts with such organisations in advance of deposits being moved into shares; the aggregate loss to the affected depositing shareholding organisations arising from Anglo’s campaign to effect the transfer of deposits made by such bodies into shares over the period; and if he will make a statement on the matter. [31617/13]

View answer

Written answers (Question to Finance)

As the Deputy will be aware, on 7 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations. The Chairman of IBRC, along with the Board were relieved of their duties on that day and therefore it would not be appropriate for me to request a report as suggested. Unfortunately I am unable to interfere in operational matters in the bank. Should customers have a specific complaint in relation to the conduct of the bank they should take the matter up with the Special Liquidators of IBRC in the first instance. It is the Special Liquidators who now have responsibility for the day to day management of the bank.