Dáil Éireann Debate, Tuesday - 8 April 2014
14. Deputy Clare Daly asked the Minister for Finance his estimate of the potential bank recapitalisation liabilities to the State should rate fixing allegations made in a US lawsuit prove to be accurate; if his attention has been drawn to any other foreign jurisdiction lawsuits which carry potential liabilities for the National Asset Management Agency and the State. [16179/14]
View answerI am advised by NAMA that it does not accept that it will incur any liabilities with respect to any foreign jurisdiction lawsuits and it will defend itself fully with respect to any such litigation. The management of litigation is a matter for the Board of NAMA.
I have been advised by the Special Liquidators of IBRC that the bank identified overcharging issues in the bank in June 2010. A steering committee was established to oversee a forensic investigation into the circumstances surrounding this overcharging issue and to ensure that affected customers were fully refunded the overcharge amount together with appropriate compensation. Project teams within IBRC calculated the amount of interest overcharge and compensation for every affected customer and refunds plus compensation cheques were made available to affected customers by the end of Q1, 2012. The Special Liquidators have further advised that in the Republic of Ireland any claims made in relation to the potential overcharging of interest would likely rank as unsecured creditors in the liquidation.
