The Irish Bank Resolution Corporation Bill 2013 (the "IBRC Act") was passed by the Dáil on 7 February 2013. The IBRC Act provided for the winding up of IBRC in an orderly and efficient manner in the public interest.
On 7 February 2013, I as the Minister for Finance, made an Order pursuant to Section 4 of the IBRC Act providing for the winding-up of IBRC under the provisions of the IBRC Act. Pursuant to the same Order, Mr. Kieran Wallace and Mr. Eamonn Richardson (the "Special Liquidators") of KPMG were appointed joint special liquidators of Irish Bank Resolution Corporation Limited (in Special Liquidation) with all of the duties and powers conferred upon them by the IBRC Act. In addition, the liquidation of IBRC and the behaviour of the Special Liquidators are subject to the provisions of the Companies Acts, except those provisions specifically disapplied by the IBRC Act.
The Department of Finance's role in the liquidation of IBRC is one of monitoring and oversight and my department is not involved in the ongoing decision making during the liquidation of the bank, however, under Section 17 (c) of the Ministerial Instruction issued to the Special Liquidators on 7 February 2013, they are obliged to provide update reports at the request of the Minister for Finance.
The Special Liquidators issue the following to the Department of Finance: 1. Monthly update reports; 2. A report on budgeted costs; 3. Regular fee update reports; and 4. Progress update reports. In addition to this, there are regular update meetings held with the Department of Finance.
The most recent progress update report is available to view on the Department of Finance website at http://www.finance.gov.ie/sites/default/files/DOF_IBRC_Progress%20update%20report%20to%2031%20Dec%2014.pdf
I can confirm that there are no Department of Finance personnel seconded to Irish Bank Resolution Corporation Limited (in Special Liquidation) in any capacity.
