Dáil Éireann Debate, Thursday - 13 July 2017
196. Deputy Michael McGrath asked the Minister for Finance the status of the special liquidation of IBRC; the portfolio that is remaining; the current estimate of the timeframe; the estimated financial outturn from the liquidation; and if he will make a statement on the matter. [34287/17]
View answerThe status of the Special Liquidation as at 31 December 2016 is set out in the progress update report published by the Special Liquidators on 5 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).
I am advised by the Special Liquidators that there are €3.54 billion of loans remaining to be sold. The main reason these loans have not been sold is primarily due to ongoing litigation. It is not possible to provide a timeframe for the completion of the sale of these loans at this time due to the aforementioned litigation.
The Special Liquidators further advise me that it is not possible to estimate the financial outturn from the liquidation at this time given that there remains a number of tasks in the liquidation to be completed including the on-going management of c.175 legal cases, the completion of the creditor adjudication process, the work with the Commission of Investigation, the management of the remaining loan book and the realisation of all remaining assets.
