Dáil Éireann Debate, Tuesday - 28 January 2014
225. Deputy Pearse Doherty asked the Minister for Finance if the former board of Irish Bank Resolution Corporation was dismissed as part of the special liquidation of that organisation in February 2013; and if so, the date on which the members of the board of IBRC were dismissed. [4313/14]
View answerI have been advised that, as with all liquidations, on the appointment of a Liquidator the powers and duties of directors cease and the liquidators assume the authority and powers of the board. The directors do however remain listed as directors of the company. The same analysis applies to the appointment of the Special Liquidators to Irish Bank Resolution Corporation Limited on 7 February 2013 such that the powers and duties of the directors ceased and the Special Liquidators assumed the authority and powers of the board. So, for the avoidance of doubt, the directors were not dismissed as directors and they remain as directors of Irish Bank Resolution Corporation Limited. For those directors who were also employees of Irish Bank Resolution Corporation Limited, their employment was terminated on the signing of the Special Liquidation Order on 7th February 2013.
