Dáil Éireann Debate, Wednesday - 6 April 2016
172. Deputy Pearse Doherty asked the Minister for Finance if he will provide an update of the liquidation process at the Irish Bank Resolution Corporation, including the timeframe for any likely payments to junior bondholders; and if he will make a statement on the matter. [6164/16]
Amharc ar fhreagraI am advised by the Special Liquidators that they are currently working on a third progress update report which will provide an update on the winding up of Irish Bank Resolution Corporation Limited (in Special Liquidation). This will be available on the Department of Finance website once it has been finalised.
The Special Liquidators have cash receipts in excess of €2.1 billion on hand which will be available for distribution to creditors. The ultimate level of dividend paid, if any, to each creditor cannot be known until such time as all loan assets are sold, the total level of adjudicated creditors is finalised and the other contingent creditor claims which may crystallise, including those from litigation, are known. The Special Liquidators continue to adjudicate creditor claims by creditor class as and when it has been determined that the particular class of creditor will be entitled to a dividend. Each class of creditor will be paid according to their legal priority as set out in the Companies Acts. I understand that subordinated bondholders have submitted claims in the region of €285 million as part of this process.
