Dáil Éireann Debate, Thursday - 4 July 2013
95. Deputy Pearse Doherty asked the Minister for Finance the remuneration paid to the special liquidator and the firm of KPMG in fees to date arising out of the liquidation of Irish Bank Resolution Corporation. [32757/13]
View answer96. Deputy Pearse Doherty asked the Minister for Finance the budget for the expected total remuneration for the special liquidator at Irish Bank Resolution Corporation. [32758/13]
View answer108. Deputy Pearse Doherty asked the Minister for Finance the expected cost for professional fees for the special liquidation of Irish Bank Resolution Corporation for third party fees from the date of the appointment of the special liquidator. [32772/13]
View answer109. Deputy Pearse Doherty asked the Minister for Finance if he will provide an update on the actual level of legal fees incurred from the date of the appointment of the special liquidator to May 2013. [32773/13]
View answerI propose to Questions Nos. 95, 96, 108 and 109 together.
I have been advised by the Special Liquidators that they are unable to provide an estimate of the total remuneration payable to them or to any third party in the special liquidation of IBRC at this time. The Department of Finance is in regular contact with the Special Liquidators and is closely monitoring the progress of the liquidation. Weekly meetings are held at which the Special Liquidators provide an update on key developments and outstanding issues. Furthermore a monthly report is furnished to the Department detailing the progress on all matters in relation to the liquidation including the valuation and sales process, finance, deposits, derivatives and hedging, legal issues and litigation, HR, IT operations, compliance and governance and overall project management.
I am advised by the Special Liquidators that they will comply with their reporting obligations in relation to the reporting of their fee, of legal fees and other third party fees. As such returns will be filed with the CRO after two years of the liquidation and yearly thereafter as required.
