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IBRC Liquidation

Dáil Éireann Debate, Thursday - 18 July 2013

Thursday, 18 July 2013

Ceisteanna (164)

Michael McGrath

Ceist:

164. Deputy Michael McGrath asked the Minister for Finance the number of legal proceedings that Irish Bank Resolution Corporation, in special liquidation, is currently a party to; the number of different law firms representing IBRC in these cases; the anticipated amount to be spent in the current year on legal costs; and if he will make a statement on the matter. [36672/13]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am advised that due to commercial confidentiality and sensitivities the Special Liquidators are unable to provide a breakdown of the type requested. All relevant disclosures in respect of legal cases involving IBRC are publically available through the Courts Services website. I have been advised by the Special Liquidators that there were 120 cases being taken against IBRC at the date of liquidation. Furthermore, there were 720 cases being taken by IBRC against a variety of defendants but primarily against borrowers, former staff and former professional advisors.

In July 2012, following a process conducted in accordance with best practice, IBRC put in place a revised formal legal panel of Irish law firms, with a central part of this process being a reduction in legal fees charged to IBRC. IBRC’s legal panel is diverse in terms of the size and scale of firms that are panel members and also includes a geographical spread.

In continuing to deal with the multitude of unprecedented, exceptional and novel issues and challenges faced as a result of the Special Liquidation, the Special Liquidators, as a matter of prudential and commercial control and oversight, require all necessary and appropriate legal and professional advice, however, they remain extremely mindful of the imperative to reduce expenditure on legal fees.

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