IBRC Liquidation

Dáil Éireann Debate, Tuesday - 21 May 2013

Tuesday, 21 May 2013

Ceisteanna (285)

Gerry Adams

Ceist:

285. Deputy Gerry Adams asked the Minister for Finance further to Parliamentary Question No. 50 of 9 of May 2013, if he will explicitly confirm whether the entities referred to in the answer concern the Irish Bank Resolution Corporation wealth management entities; if he will confirm the total euro nominal amount of loans IBRC has provided to borrowers for assets that are in the IBRC wealth management unit; if he is concerned that a sale of assets which are not wholly or majority owned on the equity side by IBRC's wealth management business could reduce the value of the loans provided against the asset sold if the asset is sold below the principal value of the loan outstanding on that asset; if he will confirm whether the special Liquidator has the power to discharge personal guarantees for loans for assets that are in IBRC’s wealth management business but are not wholly or majority owned by IBRC and where that equity interest in the asset is sold rather than the loan; and if he will make a statement on the matter. [24322/13]

Freagraí scríofa

Minister for Finance

The entities referred to in the answer to Parliamentary Question no 50 of 9 May 2013 do not relate to the IBRC Wealth Management business unit. The reference to entities relates to any entity in which IBRC has an ownership interest.

A number of the questions above refer to assets owned by IBRC’s Wealth Management business. I have been advised by the Special Liquidators that IBRC Wealth Management is a distinct business unit of IBRC and is not a separate legal entity. It does not have its own assets but rather manages the assets of, and acts as custodian for Wealth Management clients.

The Special Liquidators will act in a manner which protects the value of the assets and maximises the return for the taxpayer from the disposal of IBRC’s assets.