Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

51. To ask the Minister for Finance if he will provide a detailed update on the work of the special liquidator of Irish Bank Resolution Corporation; and if he will make a statement on the matter. [24971/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The liquidation of IBRC is progressing well and I am satisfied with the work performed by the Special Liquidators to date. Unfortunately due to commercial sensitivities and the potential detrimental impact that a disclosure of the details of work performed might have on asset recovery in the impending sales process, I cannot provide a detailed update on the work of the Special Liquidators.

The Department of Finance is in regular contact with the Special Liquidators. Weekly meetings are held at which the Special Liquidators provide an update on key developments and outstanding issues. Furthermore a monthly report is furnished to the Department detailing the progress on all matters in relation to the liquidation including the valuation and sales process, finance, deposits, derivatives and hedging, legal issues and litigation, HR, IT operations, compliance and governance and overall project management. Overall I am satisfied that the liquidation is progressing well.