Dáil Éireann Debate, Tuesday - 16 December 2014
211. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question No. 61 of 12 June 2014, if deposits not covered by the eligibility liability guarantee are now likely to be repaid once the liquidation process has been concluded; if the liquidator has been in touch with these depositors; and if he will make a statement on the matter. [47916/14]
View answerThe Special Liquidators confirm that those deposits not covered by the DGS or ELG Schemes are unsecured creditors of Irish Bank Resolution Corporation Limited (in Special Liquidation).
The Special Liquidators have published advertisements and written to those known creditors in order to finalise their claims in the liquidation. Creditors in the UK and Ireland have until 31 March 2015 to submit their claims and those creditors in the US have until 31 May 2015.
It will be some time before the Special Liquidators will be in a position to advise on the likely dividends to be payable to creditors given:
1. The early stage in the creditor adjudication process;
2. The other contingent liabilities that may crystallise from litigation; and
3. The future receipts from the sale of the remaining assets.
