IBRC Liquidation

Dáil Éireann Debate, Tuesday - 24 June 2014

Tuesday, 24 June 2014

Questions (178)

Stephen Donnelly

Question:

178. Deputy Stephen S. Donnelly asked the Minister for Finance further to Parliamentary Question No. 171 of 10 June 2014, where he acknowledged an arrangement between the joint special liquidators of the Irish Bank Resolution Corporation and two unidentified parties, whereby the latter will be given 3% of any assets recovered through the provision of their information, if any other similar arrangement has been struck by either IBRC or the JSLs with respect to any other sum owed to IBRC. [27368/14]

Written answers

Minister for Finance

I have been advised by the Special Liquidators that Irish Bank Resolution Corporation Limited ("IBRC") engaged with foreign companies to assist with the recovery of assets beneficially held by the Quinn Group. This was disclosed in the Affidavit of Richard Woodhouse (Group Head of Specialised Asset Management of IBRC at that time) dated 31 October 2012 for the purposes of apprising the High Court and the Quinns about the proposed arrangement with A1 Group Limited, a local asset recovery specialist in the Russian Federation and the Ukraine, an arrangement which was subsequently entered into by IBRC. I am advised by the SLs that they are not aware of any other similar arrangements in relation to sums owed to IBRC.