Friday, 6 September 2019

Ceisteanna (133)

Catherine Murphy

Ceist:

133. Deputy Catherine Murphy asked the Minister for Finance the details of the sale of IBRCAC in 2014 including the proceeds versus the original value; the number of staff and investors originally involved; the number transferred to a company (details supplied) following the sale; and if he will make a statement on the matter. [36064/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

On 11 March 2015, Life Company Consolidation Group Limited (“LCCG”), through its Irish subsidiary, Life Company Consolidation Group Ireland Limited, acquired the entire share capital of IBRC Assurance Company Limited (“IBRCAC”) from IBRC (in Special Liquidation). Following the sale in March 2015 IBRCAC was renamed Harcourt Life Assurance Company Limited.

The successful completion of the IBRCAC share sale is referenced in the 2015 progress update report of the Special Liquidators, published on 27 May 2016 (https://assets.gov.ie/9081/12579f1e834b427296e6c0a5cd3f1882.pdf)

In relation to the other components of the question, I am advised by the Special Liquidators they are not in a position to provide the requested information due to commercial confidentiality.