Wednesday, 23 January 2019

Ceisteanna (72)

Marc MacSharry


72. Deputy Marc MacSharry asked the Minister for Finance the date of meetings held by him or his officials with the joint special liquidators of IBRC since the liquidation commenced on 7 February 2013 in relation to the costs incurred by the joint special liquidators in the liquidation; if the minutes of those meetings will be provided; and if he will make a statement on the matter. [3237/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Following the liquidation of IBRC in February 2013 Department of Finance officials formally met with the Special Liquidators on a very frequent basis; however, given the progress being made on the liquidation, the frequency of these formal meetings has reduced as is to be expected.

A breakdown by year of the formal update meetings that have taken place between my Department and the Special Liquidators of IBRC is below:


 Formal Update Meetings

 Gross value of loans outstanding at Y/E






















At these formal meetings the Special Liquidators update officials on the progress of the liquidation and bring to their attention any issues which they feel my Department should be made aware of during these meetings. Should my officials have any queries in relation to the professional fees associated with the liquidation or other costs incurred then this matter would be raised during these update meetings. Minutes of meetings with the Special Liquidators are not published as they are commercially sensitive due to the ongoing nature of the liquidation.

Officials also meet and speak regularly with the Special Liquidators outside of a formal meeting setting as specific matters arise. Such interactions are frequent and can range from a daily to a weekly basis. 

The Special Liquidators publish an annual progress update report on the liquidation of IBRC which is publicly available and this report also has a section on fees and costs of the liquidation and also outlines the various cost management activities undertaken by the Special Liquidators and the nature of the on-going interaction with the Department in this regard. In addition, my officials receive a quarterly report from the Special Liquidators which gives an update on the liquidation of IBRC.  This report outlines the progress being made by the Special Liquidators on the various work streams which are on-going.  The report also provides a fee update for the period for which the report relates to.  Department of Finance officials review these reports once received and revert to the Special Liquidators should they have any queries on any aspect of the report. 

Question No. 73 answered with Question No. 70.