John Perry (Sligo-North Leitrim, Fine Gael) | Oireachtas source

As with Deputy Fleming, I refer to impartiality, the appointment of the judge and to payment. I welcome Mr. Moran and his team. In referring to who is paying the appointee and to what his job will be, it would be wrong to make any inference about impartiality.

The success of the liquidation of the IBRC to date has far exceeded the expectations at the time of the promissory note transactions in 2013. In October 2014, the debt acquired by NAMA as part of the promissory note transaction was fully repaid. The success of the loan sales processes negated the need to transfer any assets to NAMA as part of this process and removed any residual risk of further calls on the Exchequer.

It is important to put on the record also that loans of par value of €21.7 billion have been prepared, brought to the market and sold. Among other assets, loans with a par value of €3.6 billion remain, which the special liquidator is to continue to manage. To 6 February 2015, the second anniversary of the IBRC liquidation, €16.5 billion in cash inflows have been generated. This has allowed for the repayment of €14.7 billion to the IBRC’s preferential creditors and to meet costs to date. This has resulted in a cash balance of €1.85 billion, which will ultimately be available for distribution to creditors.

It is important that we put this in the context of the questions I will ask. Perhaps Mr. Moran would like to comment on the great success on the part of the Department. It is important that the committee, as an accountability body, acknowledge the extraordinary achievement in two years. Maybe Mr. Moran will give an overview, after which I will have three questions to ask.