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IBRC Loans

Dáil Éireann Debate, Wednesday - 27 November 2013

Wednesday, 27 November 2013

Questions (44)

John McGuinness


44. Deputy John McGuinness asked the Minister for Finance if the Irish Bank Resolution Corporation while in State control procured the services of a foreign company or companies to recover assets beneficially held by the Quinn Group; the amount that was paid to these companies; the way these companies were procured; the projected expenditure on these companies; and if he will make a statement on the matter. [51019/13]

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Written answers (Question to Finance)

The Special Liquidators confirm that Irish Bank Resolution Corporation Limited (in Special Liquidation) (“IBRC Limited”) engaged with foreign companies to assist with the recovery of assets beneficially held by the Quinn Group. I have been advised that in High Court proceedings to recover the debts due to IBRC Limtied, now in special liquidation, by the Quinns, the Bank has sought the direction of the Courts to proceed with the appointment of the Alfa Group Consortium, to recover the Russian assets and one Ukrainian asset of the Quinn International Property Group. Due to commercial confidentiality and sensitivities the Special Liquidators do not propose to provide details of amounts due and paid by IBRC Limited to these foreign entities.