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Written Answers — Department of Finance: IBRC Liquidation (18 Dec 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 2013 and instructions that have been provided to the Special Liquidators by me under the IBRC Act 2013. I am advised that the Special Liquidators will comply with the timelines, namely that the valuation of IBRC’s loan assets be completed by 30 November...

Written Answers — Department of Finance: IBRC Operations (28 Apr 2015)

Michael Noonan: On 25 July 2012, I along with officials from my Department, met with IBRC's Chairman and CEO to discuss a number of concerns raised by Department of Finance officials, which included concerns regarding this transaction which were raised to me following engagement with IBRC management.  During this meeting, I sought assurances around the concerns regarding the...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012) See 2 other results from this answer

Gerry Adams: ...to Irish Bank Resolution Corporation’s appearance at the Oireachtas Committee on Finance, Public Expenditure and Reform on the 31 of October 2012, he will detail the percentage or portion of IBRC clients who are not co-operating with IBRC; if he will detail the total amount of rental income that is now directly mandated straight into IBRC as a percentage of total rental income from...

Written Answers — Department of Finance: IBRC Staff (15 May 2013)

Michael Noonan: There is no requirement for any IBRC employee to obtain permission from my Department to take up any offer of employment with investment firms or with individuals/companies who have substantial loans with the IBRC. However, I am advised by the Special Liquidators that there is a clause in all employment contracts of employees of IBRC that prevents them from disclosing or using any...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013) See 1 other result from this answer

Michael Noonan: In accordance with Section 13(a) & (b) of the IBRC Act 2013 the Minister may direct NAMA in writing to bid for or acquire IBRC assets. NAMA has been directed to establish a special purpose vehicle to acquire the floating charge over certain IBRC assets. After the sales process conducted by the Special Liquidator has been completed NAMA is expected to acquire the unsold loans in the IBRC...

Written Answers — Department of Finance: IBRC Liquidation (24 Apr 2013) See 1 other result from this answer

Michael Noonan: To be clear, NAMA issued Senior Bonds totalling €12.928 billion to purchase the CBI’s remaining lending to IBRC under the Facility Deed. That lending is backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by a Ministerial guarantee. This ended the CBI’s lending relationship with IBRC and NAMA became the largest creditor to the...

Written Answers — Department of Finance: IBRC Liquidation (28 May 2015)

Michael Noonan: As the Deputy is aware, for operational reasons the loan assets (totalling €21.7 billion) of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ) were originally divided into six portfolios:Evergreen, Sand, Rock, Salt, Stone & Pebble. Prior to establishing the sales processes the Special Liquidators corresponded with borrowers and sought...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: IBRC Liquidation (19 Jun 2019)

Paschal Donohoe: It is important for me to set out the role of a committee of inspection in an ordinary liquidation and the legislative and factual context of the special liquidation of IBRC. The Irish Bank Resolution Corporation Act of 2013 specifically disapplied a number of provisions in the Companies Act 1963 insofar as they applied to the liquidation of IBRC, including those relating to committees of...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (13 Nov 2012)

Michael Noonan: I can confirm that the appointment of this person to IBRC does not in any way reflect a lack of confidence by me in the management or board of the bank. The appointment has proved to be very beneficial for both IBRC and my Department by improving communication between the organisations. I am fully confident in the management and the board of IBRC and I am satisfied that the new appointment is...

Seanad: Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013)

Michael Noonan: ...proposal from the Government as part of the ongoing discussions. In discussions with the ECB it was envisaged that the first step would be the liquidation of the Irish Bank Resolution Corporation, IBRC, and the sale of its remaining assets to NAMA or other market purchasers. The Bill has been in preparation for a considerable period and its presentation now was precipitated by the...

Written Answers — Department of Finance: IBRC Staff (23 Oct 2013)

Michael Noonan: I am not aware of any specific proposals put forward by the Labour Relations Commission in relation to IBRC. I have been advised by the Special Liquidators that there is on-going communication between them and the staff of IBRC and their representative bodies to discuss their issues in relation to the liquidation. I acknowledge the significant efforts and commitment made by the staff in...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

...an entry in a bankers' book (within the meaning of section 9(2) of the Act of 1879) falls to be produced in evidence, (ii) the book is in the custody or under the control of a special liquidator or IBRC, and (iii) the special liquidator or an officer or employee of, or other person duly authorised in that behalf by, the special liquidator or an officer or employee of IBRC gives evidence...

Seanad: Central Bank (Supervision and Enforcement) Bill 2011: Committee Stage (27 Jun 2013)

...an entry in a bankers' book (within the meaning of section 9(2) of the Act of 1879) falls to be produced in evidence, (ii) the book is in the custody or under the control of a special liquidator or IBRC, and (iii) the special liquidator or an officer or employee of, or other person duly authorised in that behalf by, the special liquidator or an officer or employee of IBRC gives evidence...

Written Answers — Department of Finance: IBRC Liquidation (17 Apr 2014)

Michael Noonan: The Special Liquidators are continuing with the orderly and efficient wind down of IBRC in accordance with the provisions of the IBRC Act, 2013 (the "Act") and instructions that have been provided to the Special Liquidators by me under the Act. The sales process of the five largest loan portfolios of IBRC (in Special Liquidation), namely the Evergreen, Rock, Salt, Stone and Sand portfolios...

Written Answers — Department of Finance: IBRC Liquidation (14 Feb 2013)

Michael Noonan: The effect of the IBRC Act was to place an immediate stay on claims against IBRC, including counter claims which do not give rise to a right of set off. New proceedings against IBRC can only be commenced with the leave of the Court. On the seventh of March the High Court is to consider submissions in respect of this issue and rule on whether the Court has a discretion to lift the stays...

Central Bank (Supervision and Enforcement) Bill 2011: Amendments from the Seanad (4 Jul 2013)

...of an entry in a bankers' book (within the meaning of section 9(2) of the Act of 1879) falls to be produced in evidence, (ii) the book is in the custody or under the control of a special liquidator or IBRC, and (iii) the special liquidator or an officer or employee of, or other person duly authorised in that behalf by, the special liquidator or an officer or employee of IBRC gives...

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

Michael Noonan: The Board of IBRC met and approved the sale of Siteserv on 15 March 2012. On 16 March 2012, given that Siteserv was a member of the Enterprise Securities Market, it was announced to the Stock Exchange of the proposed disposal of the Siteserv business to Millington. As per the RNS on the Irish Stock Exchange, completion of the sale was subject to and conditional upon a number of...

Written Answers — Department of Finance: IBRC Liquidation (13 Feb 2013) See 1 other result from this answer

Michael Noonan: As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC (with immediate effect to wind up its business and operations. The normal Companies Act’s priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to...

Leaders' Questions (29 Apr 2015)

Micheál Martin: Yesterday I asked the Taoiseach if the inquiry initiated by the Government into the IBRC and the Siteserv deal would cover the buying and selling of shares in the period in advance of the sale of Siteserv, and if we would have full transparency over who bought the shares and who benefited from the €5 million pay-out. I also want to deal with the relationship between IBRC and the...

Written Answers — Department of Finance: IBRC Loans (19 Dec 2013)

Michael Noonan: I propose to take Questions Nos. 81 and 95 together. The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act 2013 and instructions that have been provided to the Special Liquidators by me under the IBRC Act 2013. I am advised that the Special Liquidators will comply with the timelines, namely that the valuation...