Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

We should always remind ourselves that we are talking about €35 billion that was injected into both the former Anglo Irish Bank and Irish Nationwide, which now form IBRC, which crippled the State. One of the Minister's first actions on taking office in 2011 was to pay over the promissory note of €3.1 billion that was due on 31 March. Then we had the winding down of the bank but not the winding down of the debt. When the bank was placed into liquidation on that special night here that was called "prom night", it was stated in the Department of Finance briefing - I have that presentation and it was all very rushed - to finance spokespersons in February 2013, under the heading "Transaction Costs & Unsecured Creditor impacts", that: "It is not expected that any assets will be available to repay subordinate liability holders". Despite the fact that I did not agree to what happened that night because the debt still remains and is just stretched out, has the position changed in terms of that sentence? Is it still not expected that any assets will be available to repay the subordinate liability holders? There is a genuine fear as a result of what we have seen from Bloomberg that seven years on from the banking crisis the Deputy will be the Minister for Finance who will oversee the repayment to unsecured junior bondholders in the former Anglo Irish Bank who will receive millions of euro despite the fact the State has injected €35 billion into this bank and is also a creditor of it. Will the Minister outline the position the State takes in terms of the €1.1 billion due to it from the assets of the IBRC?

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