Dáil Éireann Debate, Tuesday - 16 December 2014
198. Deputy Pearse Doherty asked the Minister for Finance the powers available to him to direct the special liquidators at the Irish Bank Resolution Corporation to refuse to pay any particular set of creditors; and if he will make a statement on the matter. [47750/14]
View answerUnder Section 13 (1) of the Irish Bank Resolution Corporation Act 2013 I, as Minister for Finance, have certain limited powers of direction which can be exercised, namely:
- (a) to bid for such bank assets of IBRC and to acquire from IBRC, acting through a special liquidator, such bank assets of IBRC on such terms and conditions (including the consideration), as are specified in the direction;
- (b) to acquire from the Bank, such assets, liabilities or obligations on such terms and conditions (including the consideration), as are specified in the direction;
- (c) to provide such credit facilities to a special liquidator or IBRC on such terms and conditions, as are specified in the direction;
- (d) to take or refrain from taking any action, as specified in the direction, where the Minister is of the opinion that such a direction is necessary for the achievement of any of the purposes of this Act.
Full details of the Irish Bank Resolution Corporation Act 2013 can be found at http://www.irishstatutebook.ie/2013/en/act/pub/0002/index.html
