IBRC Loans

Dáil Éireann Debate, Thursday - 2 July 2015

Thursday, 2 July 2015

Questions (67)

Michael McGrath

Question:

67. Deputy Michael McGrath asked the Minister for Finance the number of loan facility letters issued in respect of existing loans whereby changes were made to the terms and conditions of the loan by the former Anglo Irish Bank for each month from August 2008 to December 2008 and from 1 January 2009 until 21 January 2009, the date the Anglo Irish Bank Corporation Act 2009 became law; if he will specify the nature of any change to the loan agreements executed during this time; if he will specify the nature of the approval process in place at the bank at this time for such changes; and if he will make a statement on the matter. [26778/15]

Written answers

Minister for Finance

Officials in my Department have advised the Deputy that the information requested in this parliamentary question is not held by my Department and that the process of retrieving and collating the information would be undertaken by the Special Liquidators of IBRC.

Given that the loan facility letters are not held in electronic format, the Special Liquidators have advised my officials that the retrieval of this information would be a manual process which they estimate would take 6-8 weeks to complete at a minimum cost of €40,000.

Before instructing the Special Liquidators to commence the process of retrieving and collating the information requested, officials in my Department thought it prudent to contact the Deputy advising him of the timeframe and cost associated with answering this parliamentary question. I am advised by my officials that the Deputy has requested this holding response to be issued and that he will contact my officials in due course in relation to his decision to progress, or otherwise, this parliamentary question.