Oireachtas Joint and Select Committees

Thursday, 11 December 2014

Public Accounts Committee

Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013

12:30 pm

Photo of Joe CostelloJoe Costello (Dublin Central, Labour) | Oireachtas source

Everything can hardly be wound up at the end of 2015, with the knowledge that particular credit unions may be sound, if there are unsecured bonds that may not be retrieved in the context of the IBRC resolution. It relates to the funding in the pot. Is it not expected that the witnesses would check with all 16 to see precisely what impairment there might be down the road? There could be impairment now, but we will not know into the future if there is any funding coming through for unsecured bondholders, the State or credit unions.

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