Dáil Éireann Debate, Wednesday - 13 February 2013
64. Deputy Pearse Doherty asked the Minister for Finance if it is a term of the arrangement to replace the promissory notes in Irish Bank Resolution Corporation, that IBRC must remain a corporate entity for the duration of the replacement sovereign bonds, that is, until 2053. [7731/13]
Amharc ar fhreagraAs the Deputy will be aware, following the passing of the IBRC Act 2013 last week, IBRC has now been put into liquidation with Special Liquidators appointed to manage the process. Upon appointment of the Special Liquidators the Central Bank of Ireland became economic owners of the Promissory Notes which have now been replaced with a portfolio of Irish Government bonds. As such, there is no connection between the duration of the Irish Government bonds issued to replace the Promissory Notes and the period for which IBRC must remain a corporate entity. The Special Liquidators are working to wind down IBRC in an expedient a manner as possible and this is expected to occur in a much shorter time period than the duration of any of the bonds issued.
