Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The sentence the Deputy quoted was the expectation at the time.

The expectation at the start of the liquidation process was that we would be fortunate if the liquidation of IBRC covered the secured creditors. It transpired that the liquidation had gone better than expected, resulting in a surplus, which surplus will now be used to cover some of the unsecured creditors. As the State represents 70% of the unsecured creditors, this means that there will be money available for it. There are other complications, including many legal cases, and I am sure the Deputy is aware of one of the bigger ones. The liquidator in prudence must set money aside, rather than distribute to unsecured creditors to cover legal liabilities or damages that might occur. The position is unclear. The liquidator is advertising for any person who believes he or she is an unsecured creditor to make a claim which he or she will have to validate. As preferred and senior unsecured creditors have a priority over junior bondholders, it is not clear whether there will be any money left. The expectation when the question was previously answered was that there would not be any additional money for unsecured creditors. That was the view at the time.

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