I propose to take Questions Nos. 67 and 68 together.
As the Deputy is aware, the Special Liquidators have advertised for creditor claims and are currently adjudicating on creditor claims as they are being received. Irish and UK creditors have up until 31 March 2015 and US creditors have until 31 May 2015 to make a claim.
Once all claims have been submitted, they will be reviewed in detail and adjudicated on by the Special Liquidators. In order to finalise this process, further information may be sought from some creditors in order to validate their claim.
The Special Liquidators are unable to comment at this stage both on the level of proceeds that will ultimately be generated from the liquidation and on the level of valid creditor claims that will ultimately be received in respect of the liquidation. It is the balance between the proceeds generated by the liquidation and level of valid claims received and approved that will ultimately determine the dividend to which each creditor may be entitled.
It will be some time before the Special Liquidators will be in a final position to advise on the likely dividend levels given:
(i) the early stage in the creditor adjudication process,
(ii) the other contingent creditor claims which may crystallise from litigation,
(iii) the level of future receipts from the sale of remaining assets.
Each class of creditor will be paid according to their legal priority as set out in the Companies Acts.
At 31 December 2014, there was €284m of dated subordinated held in IBRC. It is understood that unsecured creditors will rank for dividends in priority to the holders of subordinated debts.