In response to the Deputy's question, the Central Bank has provided the following information - set out in tabular form below.
CreditInstitutionsResolutionFund
(1) The amount paid out by the CIRF, by way of resolution actions, to support Credit Unions was provided in the answer to PQ 16583.
(2) In addition to the resolution action amounts, legal fees were also incurred, details of which are contained in the CIRF financial statements. The financial statements are laid before the Houses of the Oireachtas on an annual basis. They can be found at: https://opac.oireachtas.ie/knowvation/app/consolidatedSearch/#search/v=list,c=1,q=title%3D%5B%22Financial%20statements%20of%20the%20Credit%20institutions%20resolution%20fund%22%5D%2Cbrowse2%3D%5B%22Documents%20Laid%22%5D%2CqueryType%3D%5B64%5D,sm=s,l=library3_lib%2Clibrary7_lib,a=t
As per the table the CIRF has not paid any fees to date to any appointed Liquidator. All such fees have been discharged directly from the liquidation.
(3) In relation to Liquidators fees, CIRF has not paid any fees to date to any appointed Liquidator. All such fees have been discharged directly from the liquidation
(4) The amount that has been recouped by the CIRF from the liquidators, during the liquidation processes to date, includes the profit from the sale of the Newbridge Credit Union property (provided in the answer to PQ16583) and the recovery of petitioners’ costs related to the liquidation of 2 credit union following the receipt of a High Court order.
(5) As disclosed in the CIRF financial statements and as provided in the answer to PQ 16583, there is €7.8m of income from the Profit Share from the former Newbridge Credit Union (NCU) loan book. The former NCU loan book is now owned and managed by PTSB. This income is derived from the positive performance of the former NCU loan book and received by the CIRF from PTSB. As this income was not recouped by the CIRF from the liquidators during the liquidation processes, it is not included in the net cost stated in the table above. If it were included, net cost would be €21.1m.
