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Written Answers — Bank Debt Restructuring: Bank Debt Restructuring (19 Jul 2012)

Michael Noonan: IBRC have advised me that there is a rigorous credit review and approval process in place for personal debtors of IBRC. This process covers establishing the true financial position of a borrower via a sworn net worth statement and a formal request for a repayment plan to repay the debt as quickly as possible with the maximum recovery. This process also examines whether any unencumbered assets...

Written Answers — Department of Finance: IBRC Operations (4 Feb 2015)

Michael Noonan: For clarity's sake, the sale of Siteserv occurred prior to the Special Liquidation of IBRC, under the previous board and management of IBRC.  As already indicated to the Deputy in Parliamentary Question No. 220 of 16 December 2014, notwithstanding the State s ownership of the bank at the time, it was a matter for the board and management of IBRC to determine and...

Written Answers — Department of Finance: Banks Recapitalisation (12 Dec 2019)

Paschal Donohoe: ...;5.4 billion was injected into INBS and €29.3 billion into Anglo Irish Bank by way of equity and promissory notes. These entities were merged in July 2011 to become the Irish Bank Resolution Corporation (IBRC) which was subsequently liquidated in February 2013. Please see table below which sets out the current net position of that capital support. IBRC ...

Written Answers — Department of Finance: IBRC Liquidation (9 May 2013)

Michael Noonan: I propose to take Questions Nos. 46, 60 and 64 together. The Special Liquidators have responsibility for the appointment of independent valuers to value the assets of IBRC. Section 9 of the IBRC Act provides that the Minister shall issue the Special Liquidator with instructions setting out the details of the manner in which the winding up of IBRC is to proceed. Section 9 also gives the...

Written Answers — Department of Finance: IBRC Liquidation (3 Oct 2013)

Michael Noonan: I propose to take Questions Nos. 75 to 77, inclusive, together. Section 224 of the Companies Act, 1963, as it applies in modified form to the liquidation of IBRC pursuant to Section 10 of the IBRC Act, requires the directors of IBRC, unless “the Minister thinks it fit to order otherwise and so orders”, to prepare a Statement of Affairs in respect of IBRC (a “Statement...

Seanad: Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages (6 Feb 2013)

Michael Noonan: ...do is read the speaking note on the section. With effect from the making of the special liquidation order there shall, subject to some exceptions, be an immediate stay on all proceedings against IBRC. No further actions or proceedings can be issued against IBRC without the consent of the High Court and the Minister may discharge or remove any liquidator or examiner that has been...

Written Answers — Department of Finance: IBRC Liquidation (1 Oct 2013)

Michael Noonan: Section 224 of the Companies Act, 1963, as it applies in modified form to the liquidation of IBRC pursuant to Section 10 of the IBRC Act, requires the directors of IBRC, unless “the Minister thinks it fit to order otherwise and so orders”, to prepare a Statement of Affairs in respect of IBRC (a “Statement of Affairs”) within 21 days of the date of the liquidation...

Written Answers — Department of Finance: Bank Contracts (23 Oct 2012)

Michael Noonan: I can inform the Deputy that the company referred to in the question has contracts in place to provide services to AIB and IBRC. AIB has informed me that due to the substantial increase in the number of customers in financial difficulty, AIB works with the company referred to in the question who predominantly provide customer case management and assessment services to AIB’s Mortgage...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (18 Apr 2012)

Michael Noonan: Notwithstanding the State's ownership of the bank, IBRC operates at an arm's length capacity from the State in relation to commercial issues. It is a matter for the board and management to determine and implement such policy in their organisation. Therefore, commercial decisions in relation to IBRC are solely a decision for the bank. IBRC have informed me that KPMG Corporate Finance and...

Written Answers — Department of Finance: IBRC Operations (7 May 2015)

Michael Noonan: There was a professional working relationship between my Department and senior management of IBRC at all times. Given the issues which the bank was dealing with at the time, this may not have always led to agreement on certain matters between my Department and senior management of IBRC, nor should this be expected. I would expect healthy debate on such matters between the parties involved and...

Written Answers — Department of Finance: IBRC Liquidation (4 Feb 2014)

Michael Noonan: The Irish Bank Resolution Corporation Bill 2013 (the " IBRC Act") was passed by the Dáil on 7 February 2013. The IBRC Act provided for the winding up of IBRC in an orderly and efficient manner in the public interest. On 7 February 2013, I as the Minister for Finance, made an Order pursuant to Section 4 of the IBRC Act providing for the winding-up of IBRC under the provisions...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013) See 1 other result from this debate

Michael Noonan: ...commentary, the ECB is considering a proposal from the Government as part of these ongoing discussions. In the discussions with the ECB it was envisaged that the first step would be the liquidation of IBRC and the sale of its remaining assets to NAMA or other market purchasers. As soon as the information relating to the proposal to liquidate IBRC was made public earlier today, there was...

Written Answers — Department of Finance: IBRC Liquidation (28 Feb 2013)

Michael Noonan: I am advised that the issue of unallocated NAMA bonds was discussed with the ECB and EU Commission as part of the proposal on the IBRC liquidation. To be clear, the issuance of NAMA bonds will be used to purchase the CBI’s remaining lending to IBRC in the form of the ELA facility deed backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by the...

Written Answers — Department of Finance: GDP-GNP Levels (10 Feb 2015)

Michael Noonan: Under ESA 2010, the Irish Bank Resolution Corporation (IBRC) was reclassified as being within general government as of July 2011 and its debt was consolidated into general government debt. This resulted in an increase of 12.2% to the general government debt to GDP ratio in 2011.  The table below sets out the impact of the reclassification of IBRC on the general government debt to GPD...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (18 Dec 2014)

Michael Noonan: I propose to take Questions Nos. 101 and 102 together. The Special Liquidators continue to implement the orderly and efficient wind down of IBRC in accordance with the provisions of the IBRC Act and the instructions issued by the Minister for Finance under the IBRC Act 2013. As the Deputy is aware, for operational reasons, the loan assets of IBRC were divided into six portfolios:...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 182 and 183 together. As the Deputy is aware, for operational reasons the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) (IBRC) were originally divided into six portfolios: Evergreen, Sand, Rock, Salt, Stone & Pebble. The Sand portfolio comprised 12,702 Irish originated residential mortgages with a par value...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012) See 9 other results from this debate

Paul Coghlan: I welcome Mr. Dukes and the team from IBRC. It was good to hear their report. We are aware of the high profile litigation in England, but perhaps IBRC is only a witness in that. We understand that decision is to be appealed. In how many other cases is IBRC involved, if any? If there are other cases, how significant are they or how much of the remaining loan book is exposed? With regard...

Written Answers — Department of Finance: Ministerial Meetings (30 Apr 2015)

Michael Noonan: ...Taoiseach know that the Chairman provided me with strong assurances that the transaction, including those aspects of the transaction with which there were concerns, had been thoroughly assessed by the IBRC Board and that the Board of IBRC were satisfied that the transaction was managed in the best manner possible to achieve the best result for the State. I further spoke to an...

Written Answers — Department of Finance: IBRC Liquidation (25 Jun 2013)

Michael Noonan: The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act and instructions that have been provided to the Special Liquidators by me, as Minister, under the IBRC Act 2013. I have been informed by the Special Liquidators that they expect to meet the timelines set out, namely that the valuation of IBRC’s loans...

Topical Issue Debate: IBRC Operations (21 Apr 2015)

Simon Harris: I thank Deputy Catherine Murphy for raising the issue. I am grateful to have an opportunity to place some information on this matter on the record of the House. On 15 March 2012, the board of IBRC met and approved the sale of Siteserv. Under the relationship framework that was in place between the Minister for Finance and the bank at that time, which had been place since July 2009, the...