Mr. Murray McCarter:

It is our understanding that 16 credit unions are unsecured creditors in the IBRC liquidation. They rank alongside the State if any funds become available. Our understanding is that the liquidator has written to the credit unions in question asking them to reply by 31 March 2015. Once they reply, funds that become available, if any, will be distributed to the State, the 16 credit unions in question and any other unsecured creditors. The credit unions rank ahead of junior bondholders and would have to be paid in full before any funds would be made available to anyone further down the rankings.