Dáil Éireann Debate, Tuesday - 24 July 2018
253. Deputy Michael McGrath asked the Minister for Finance if the special liquidator of IBRC is a plaintiff or defendant; the details of the other party to the case; the amount being sought or claimed; the nature of the case; the legal cases or actions that the special liquidator is a party to in tabular form; and if he will make a statement on the matter. [33861/18]
Amharc ar fhreagraAs set out in the fifth Progress Update Report on the Special Liquidation of IBRC published on 31 May 2018, IBRC remains party to 136 legal cases (as at 28 February 2018), comprising plaintiff litigation and defendant litigation. That report is accessible on the Department of Finance website at https://www.finance.gov.ie/updates/ibrc-progress-update-report-year-ended-31-december-2017/
The following table provides a breakdown of the total active cases under management as compared with the previous update Report for the year ending 31 Dec 2016.
|
- |
2016 Report (as at 1/1/2017) |
2017 Report (as at 28/2/2018) |
|
Defendant litigation |
143 |
111 |
|
Recovery and enforcement actions |
32 |
25 |
|
Total active cases |
175 |
136 |
The overall reduction in cases since the last report is 43 - when you take into account the four new proceedings. Two new proceedings have been taken against IBRC since the above date taking the total number to 138 cases.
Details of these cases can be found on the courts website (www.courts.ie).
Details concerning the specific value and nature of the individual claims cannot be provided as that information is confidential to the parties in litigation.
IBRC are plaintiffs in litigation comprising 25 recovery and enforcement actions. Many of these cases were instigated prior to the Special Liquidators appointment, which IBRC continues to pursue. In other instances, and in accordance with the Special Liquidators strategy, IBRC has issued proceedings with a view to maximising recovery, for debt due and owing, to enforce judgments obtained, for asset recovery or protection, or seeking damages for acts of professional negligence.
The Special Liquidators are separately managing 113 proceedings in which IBRC is defendant. These proceedings involve various allegations (predominantly of mis-selling of financial investment products, mismanagement, negligence, breach of contract/breach of duty) in which various reliefs are sought against IBRC (generally to include a claim for damages and/or declarations concerning the validity of security). IBRC continues to actively attempt to reduce its exposure to defendant litigation. The Special Liquidators assess the merits of defending such litigation and, where deemed appropriate, IBRC Group Legal implements the Special Liquidators strategy of reducing the number of defendant cases in the most cost effective manner possible.
