Dáil Éireann Debate, Wednesday - 20 September 2017
175. Deputy Marc MacSharry asked the Minister for Finance further to Parliamentary Question No. 133 of 11 September 2017, if he will provide copies of all minutes of meetings between his Department and the special liquidators in relation to the costs of the liquidation of IBRC since 7 February 2013; and if he will make a statement on the matter. [39534/17]
View answer176. Deputy Marc MacSharry asked the Minister for Finance further to Parliamentary Question No. 133 of 11 September 2017, the queries in relation to costs that were raised by him with the special liquidators; the way in which these were addressed; and if he will make a statement on the matter. [39535/17]
View answer179. Deputy Marc MacSharry asked the Minister for Finance the policies, reporting requirements and specific oversight procedures he has put in place since 7 February 2013 for the costs of the liquidation and the special liquidators of IBRC; if he has engaged an external party or other State entity to examine and challenge the invoices produced; the work upon which the costs are based; the method of charging and calculation of such costs; and if he will make a statement on the matter. [39538/17]
View answerI propose to take Questions Nos. 175, 176 and 179 together.
As previously advised, the Special Liquidators publish an annual progress update report on the liquidation of IBRC which is publicly available and this report also has a section on fees and costs of the liquidation and also outlines the various cost management activities undertaken by the Special Liquidators and the nature of the on-going interaction with the Department in this regard.
Since the liquidation of IBRC in February 2013, the Special Liquidators have published 4 such progress update reports, all of which are available on the Department of Finance website.
On 6 June 2014 the Special Liquidators published the first progress update report which covers he period from 7 February 2013 to 31 March 2014 and is available through the following link
www.finance.gov.ie/wp-content/uploads/2017/07/IBRC-Progress-Update-Report-6th-June-2014.pdf.
On 12 March 2015 the second progress update report was published which covers the 9 month period to 31 December 2014 and also the 23 month period from the beginning of the liquidation in February 2013 to 31 December 2014, this report is available through the following link
www.finance.gov.ie/wp-content/uploads/2017/07/IBRC-Progress-Update-Report-12th-March-2015.pdf.
On 27 May 2016 the third progress update report was published which covers the 12 month period to 31 December 2015 and also the 35 month period from the beginning of the liquidation to in February 2013 to 31 December 2015, this report is available through the following link www.finance.gov.ie/wp-content/uploads/2017/07/IBRC-Progress-Update-Report-27th-May-2016.pdf.
On 5 May 2017, the fourth (and most recent) progress update report was published by the Special Liquidators covering the 12 month period to 31 December 2016 and also the 47 month period from the beginning of the liquidation in February 2013 to 31 December 2016, this report is available through the following link
www.finance.gov.ie/wpcontent/uploads/2017/07/IBRC-Progress-Update-Report-5th-May-2017.pdf.
I am advised by my officials that they receive a quarterly report from the Special Liquidators which gives an update on the liquidation of IBRC. This report outlines the progress being made by the Special Liquidators on the various work streams which are on-going. The report also provides a fee update for the period for which the report relates to. Department of Finance officials review these reports once received and revert to the Special Liquidators should they have any queries on any aspect of the report. Minutes of meetings with the Special Liquidators are commercially sensitive due to the ongoing nature of the liquidation.
The most recent queries in relation to costs raised by my officials have been in relation to costs associated with the on-going Commission of Investigation and also the mortgage redress project and interest overcharging project; all of which have been intensive work streams for the Special Liquidators and their team.
As previously advised, neither the Department of Finance nor the Comptroller and Auditor General have any role in relation to examining the procurement processes of the Special Liquidators. The liquidation of IBRC is similar to any other liquidation and as such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State subject to the provisions of the Irish Bank Resolution Corporation Act 2013.
