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

The question before the Minister is quite simple. I appreciate that we still do not know what amount will remain when the entire IBRC is liquidated. However, that briefing provided to finance spokespersons contained the statement that: "It is not expected that any assets will be available to repay subordinate liability holders". Does the Minister stand over that statement? I take from what he said here today that this may not be the case and it is likely that subordinate bondholders in the former Anglo Irish Bank and Irish Nationwide could be paid from the assets of the liquidation. That is very different from what was stated clearly and is down in black and white in this statement, that "It is not expected that any will be available".

With regard to the €1.1 billion the State is owed from IBRC, and this is in regard to the repayment of the senior bondholders who were covered under the guarantee in respect of the former Anglo Irish Bank and Irish Nationwide, where does that fall in regard to the line of creditors who are now lining up? Is the Minister anticipating any payment or recoupment of that money to the State as a creditor of IBRC? The fact that we have lost that €35 billion is one of the great shames but there is still a possibility within the liquidation process that we will recoup a substantial amount of money and where does the State rank in terms of the line of creditors?

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