Dáil Éireann Debate, Tuesday - 17 June 2014
202. Deputy Stephen S. Donnelly asked the Minister for Finance the purpose of his recent instruction to the special liquidators of the Irish Bank Resolution Corporation to produce a progress report; and the reason the progress report omits financial information on liquidation proceeds and the overall financial position of IBRC and any predicted additional costs for the State. [26065/14]
Amharc ar fhreagraIn the normal course of events the Special Liquidators would report on the second anniversary of their appointment i.e. in February 2015. The concept of a Progress Report was initially suggested by my officials in February and it was decided to publish such a report in conjunction with the completion of the loan sales processes in order to provide a transparent update on the status of the Special Liquidation. Rather than wait for the conclusion of the final elements of the Sand portfolio to be sold, I wrote to the Special Liquidators in May 2014 and asked them to finalise their report as soon as possible for publication. I have been advised by the Special Liquidators that they did not include financial information on liquidation proceeds and the overall financial position of IBRC in the report as such information was deemed commercially sensitive. The report was prepared in order to outline the position of the liquidation at a particular point in time rather than to forecast future costs associated with the liquidation. It provided details of costs and fees up to 31 March 2014. The Special Liquidators will be complying with their obligations and as such the liquidation accounts will be filed in the CRO after the first two years of the liquidation.
