Wednesday, 8 May 2019

Questions (161)

Pearse Doherty

Question:

161. Deputy Pearse Doherty asked the Minister for Finance the estimated receipts due to be received from the IBRC by each year until these receipts are expected to end in tabular form. [19503/19]

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Written answers (Question to Finance)

The Joint Special Liquidators of IBRC announced in December 2018 that they would pay all outstanding amounts owed to admitted unsecured creditors of IBRC. As part of this final 50% dividend payment to admitted unsecured creditors the State received c. €593 million from its claims. This brings to c.€1.19 billion that has been returned to the State to date.

The Joint Special Liquidators of IBRC also confirmed that, given the success of the liquidation to date, it is their expectation that there will be further funds recoverable to the State following repayment of other creditors, including subordinated bondholders. The Joint Special Liquidators have not yet given a specific timeframe in relation to the commencement of any further payments from the liquidation. 

As such it is not currently forecasted that any further receipts will be returned to the State from the liquidation in 2019 and an preliminary estimate of €100 million has been included in budgetary forecasts for 2020. It is important to note that these are indicative forecasts and are subject to change as the remaining tasks in the liquidation are completed, remaining residual assets are sold and the c. 93 outstanding legal proceedings are concluded.