Dáil Éireann Debate, Thursday - 13 July 2017
136. Deputy Michael McGrath asked the Minister for Finance when he expects to receive an interim and final dividend from the special liquidator of IBRC; the amount of the expected dividend; and if he will make a statement on the matter. [33771/17]
View answerAs outlined in the most recent progress update report which was published on the 5th May 2017 and which is available on the Department of Finance website (http://www.finance.gov.ie/sites/default/files/170505%20IBRC%20Progress%20update%20report%20report_31%20Dec%2016.pdf), the Special Liquidators have cash receipts on hand of c. €1.9bn as at 6th February 2017. An interim dividend of 25% was paid to all admitted unsecured creditors of the liquidation, including the State, in December 2016. The amount paid to date as part of this interim dividend is c. €290m.
As previously advised in the IBRC Progress Update Report of May 2017, it is the expectation of the Special Liquidators, based on current information, that the eventual unsecured creditor dividend will be in the range of 75% - 100% of all eligible claims. This eventual dividend range is subject to change depending on future events which are outside the control of the Special Liquidators. The ultimate level of dividend paid to each creditor, and timing of same, cannot be known until such time as all loan assets are sold, the total level of adjudicated creditors is finalised and the other contingent creditor claims which may crystallise, including those from litigation, are known.
