Dáil Éireann Debate, Thursday - 12 March 2015
92. Deputy Michael McGrath asked the Minister for Finance the nature of the report he is expecting shortly from the special liquidator of the Irish Bank Resolution Corporation; when the liquidation of the corporation will be completed; if he is expecting a surplus payment to the State; and if he will make a statement on the matter. [10936/15]
View answerThe Special Liquidators are preparing a progress update report on the liquidation of IBRC for the Minister for Finance following consultation with the Department of Finance and in response to a request for a detailed update report made under Section 17 (c) of the Ministerial Instructions issued on 7 February 2013.
Upon its release this Friday (13 March 2015), this progress update report will be sent to the Finance Committee, submitted to the Companies Registration Office, and it will also be available on the Department of Finance website.
It will be some time before the Special Liquidators will be in a position to (a) Confirm the expected timeline for the completion of the Special Liquidation; and (b) Advise on the likely dividends payable to each class of creditor.
This is as a result of: (a) The early stage in the creditor adjudication process (Irish and UK creditors have up to 31 March 2015 and US creditors have until 31 May 2015 to submit their claims); (b) The other contingent creditor claims which may crystallise from litigation; and (c) The level of future receipts from the sale of the remaining assets.
