Billy Timmins (Wicklow, Fine Gael)
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To ask the Minister for Finance the position regarding employees of the Irish Bank Resolution Corporation (details supplied) and need to restore the value of the severance terms previously agreed so that when their work is completed, they are not placed at a further disadvantage; and if he will make a statement on the matter. [14951/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, following the appointment of the Special Liquidator IBRC employee contracts were terminated in the Republic of Ireland. As a result of the termination of the employment contracts, employees are entitled to apply for a statutory redundancy payment and a statutory notice payment, subject to the limits prescribed by statute. Claim forms for statutory entitlements have now been distributed to all employees entitled to such claims.

The vast majority of employees were re-hired by the Special Liquidators for a minimum period of 6 months to ensure an orderly wind-down of the business. I am sure the staff will continue to work to ensure a satisfactory outcome for Irish taxpayers while they remain in employment under the liquidation process. Furthermore, it is likely that some staff may, be re-hired by NAMA or other purchasers of the assets in due course as the Special Liquidator completes the sale of the assets of IBRC.