Dáil Éireann Debate, Tuesday - 21 October 2014
240. Deputy Seán Kyne asked the Minister for Finance further to Parliamentary Question No. 173 of 6 May 2014, if he will provide an update regarding unfinished housing estates affected by the liquidation of the former Irish Bank Resolution Corporation with particular reference to bonds originally intended to rectify deficiencies. [40323/14]
Amharc ar fhreagraI am advised that the Department of the Environment, Community and Local Government are continuing to work with the relevant local authorities to ascertain the actual level of exposure that exists in relation to the development bonds previously entered into by IBRC in favour of the various County Councils or local authorities. Once that exposure is quantified the local authorities will submit a claim to the Special Liquidators in respect of the bonds. This information will be provided directly to the Special Liquidators in order to allow them to register that claim on the liquidation of IBRC.
It is likely that any liabilities arising under bonds/guarantees/indemnities entered into by IBRC in favour of the various County Councils are contingent claims against IBRC Limited (in Special Liquidation) and such claims, if called upon, will rank as unsecured claims in the special liquidation.
