Dáil Éireann Debate, Thursday - 3 October 2013
29. Deputy Micheál Martin asked the Minister for Finance if he is satisfied that there is sufficient oversight of the Irish Bank Resolution Corporation liquidation process to ensure the interests of the taxpayer are protected; and if he will make a statement on the matter. [41461/13]
View answerThe liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State subject to the provisions of the IBRC Act. In common with the interest of other creditors I and my officials have been in contact with the Special Liquidators throughout the process to date to understand how the winding up has been proceeding. Twice weekly briefings have been established between officials of the Department of Finance and the Special Liquidators to review whether the liquidation of IBRC is being conducted in an efficient and timely fashion. This constant engagement will continue throughout the course of the liquidation and is supported by a comprehensive monthly report furnished to the Department by the Special Liquidators.
