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IBRC Loans

Dáil Éireann Debate, Thursday - 5 December 2013

Thursday, 5 December 2013

Questions (62)

Eoghan Murphy

Question:

62. Deputy Eoghan Murphy asked the Minister for Finance if he has approved the continuation of an existing contract or the signing of a new contract with the Russian asset recovery company A1 with regard to the Irish Bank Resolution Corporation loans to the Quinn family assets in Russia-Ukraine. [52338/13]

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Written answers

I have been advised by the Special Liquidators that the Joint Venture Agreement (the "Agreement") between A1 and Irish Bank Resolution Corporation Limited prior to the appointment of the Special Liquidators remains in place. However, the Special Liquidators can confirm that there have been a few minor amendments to the Agreement with regards the receipt of sales proceeds from asset sales but the High Court has been kept fully abreast of these amendments.

The Special Liquidators under the IBRC Act are fully responsible for the valuation and sales of IBRC assets including loans related to Quinn assets in Russia and the Ukraine. Decisions concerning the liquidation process including the continuation of the agreement with A1 do not require my formal approval under the IBRC Act. However I have been informed of the continuation of the existing contract and have been updated on the progress which has been made to date.

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