Skip to main content
Normal View

IBRC Loans

Dáil Éireann Debate, Thursday - 19 September 2013

Thursday, 19 September 2013

Questions (50, 51, 52, 53)

Kevin Humphreys

Question:

50. Deputy Kevin Humphreys asked the Minister for Finance if the Irish Bank Resolution Corporation special liquidator has agreed to roll over the debts of any companies or persons for a period of a year or more; and if he will make a statement on the matter. [38896/13]

View answer

Kevin Humphreys

Question:

51. Deputy Kevin Humphreys asked the Minister for Finance the value, of the loans in the Irish Bank Resolution Corporation where agreement has been to roll over the debt for a period of a year or more; and if he will make a statement on the matter. [38897/13]

View answer

Kevin Humphreys

Question:

52. Deputy Kevin Humphreys asked the Minister for Finance the role his Department take in any such decisions in the Irish Bank Resolution Corporation on the roll over of debts of companies or persons for a period of a year or more; if his Department is represented on the board that makes the decision; and if he will make a statement on the matter. [38898/13]

View answer

Kevin Humphreys

Question:

53. Deputy Kevin Humphreys asked the Minister for Finance the criteria the special liquidator in the Irish Bank Resolution Corporation uses to roll over debts; and if he will make a statement on the matter. [38899/13]

View answer

Written answers

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.

Top
Share