I propose to take Questions Nos. 50 to 53, inclusive, together.
Credit decisions, such as the rollover of debt obligations, are a commercial matter for the Special Liquidators of IBRC and neither I nor my officials have any role in those decisions. I am advised by the Special Liquidators that there has been no rollover of debts for periods greater than 12 months since the liquidation of the bank. Where debts have been rolled over by the Special Liquidators I am not in a position to disclose the details of those decisions or the criteria considered by the Special Liquidators in making those decisions as that information is commercially sensitive.
I am advised by the Special Liquidators that for the larger regulatory group exposures, the Group Credit Committee (“GCC”) of IBRC (in Special Liquidation) decides on all credit decisions. The GCC is chaired by the Chief Risk Officer. The Local Credit Committees of IBRC (in Special Liquidation) are chaired by one of the four direct reports to the Chief Risk Officer. Quorums comprise two credit risk staff members, one business manager and one Special Liquidator nominee.
I am further advised that all decisions are unanimous, otherwise the proposal is withdrawn. Members of the credit committees are chosen in line with IBRC (in Special Liquidation) group policies and procedures. The Department of Finance is not represented on the Credit Committees and I do not have any role in approving the decisions of the members of those committees.