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Written Answers — Department of Finance: IBRC Liquidation (30 Apr 2013)

Michael Noonan: As the deputy is aware, there were two separate but related repurchase agreements in place at the time of IBRC’s liquidation concerning the 2025 Irish Government Bonds; one between IBRC and Bank of Ireland (“the IBRC repo”) and another between Bank of Ireland and the Central Bank of Ireland as part of normal Eurosystem refinancing operations. Under these repurchase...

Written Answers — Department of Finance: IBRC Liquidation (4 Jul 2013)

Michael Noonan: The Deputy is directed to Section 10 of the Irish Bank Resolution Corporation Act 2013 (the “IBRC Act”), which sets out the application of the Companies Acts to Irish Bank Resolution Corporation (“IBRC”). The IBRC Act details those provisions of the Companies Acts which do not apply to IBRC, the provisions of the Companies Acts that apply to IBRC and the...

Written Answers — Department of Finance: IBRC Loans (6 Oct 2016)

Bobby Aylward: 85. To ask the Minister for Finance the position regarding the sale of the IBRC loans associated with the Whitfield Clinic in Waterford; the originating financial institutions associated with the Whitfield Clinic loans; the original financial institutions' book value of the loans associated with the Whitfield Clinic; the IBRC independent valuation of the Whitfield Clinic loans; the IBRC sale...

Seanad: Order of Business (28 Apr 2015)

Paul Coghlan: It is interesting to see the recent focus on Siteserv and IBRC. I commend the Minister for Finance for the review he has instigated into the transaction. He has moved quickly to demonstrate that any concerns and issues will be quickly resolved. We know that Anglo Irish Bank and Irish Nationwide Building Society morphed into IBRC. Reading some of the material between the Department of...

Written Answers — Department of Finance: IBRC Operations (29 Apr 2015)

Michael Noonan: As contained in material previously released under Freedom of Information and available on the Department of Finance website ahead of a meeting with the Chairman and CEO of IBRC on 25 July 2012, which I also attended, there was a recommendation in a note prepared for myself and the senior officials attending the meeting that the Chairman of IBRC be asked to commission...

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

Michael Noonan: The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Noonan: ...that was in place when the sale of Siteserv took place. On 26 March 2015, I next answered three parliamentary questions on Siteserv in which I detailed meetings held between my Department and IBRC on Siteserv and also around the steps that were taken when reports of certain details around the transaction came to the attention of my Department. A further 30 parliamentary questions have...

Written Answers — Department of Finance: IBRC Expenditure (19 Feb 2013)

Michael Noonan: At the time of the IBRC liquidation the funding agreements in place between IBRC and the Central Bank of Ireland with respect to ELA consisted of the Special Master Loan Repurchase Agreement and the Facility Deed. There was no funding advanced to IBRC under the Master Loan Repurchase Agreement when IBRC was put into liquidation. Previously, part of the ELA outstanding was secured by loan...

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

Michael Noonan: I can confirm that there were various discussions between my Department and IBRC in relation to the disposal of IBRC's US loan book and I was kept informed of the progress being made on this matter. The disposal of Anglo's US loan portfolio is a reserved matter which required my consent under the relationship framework which was in place at that time. On 25 August 2011, I gave my consent...

Written Answers — Department of Finance: IBRC Liquidation (23 Apr 2015)

Michael Noonan: The ultimate decision to eliminate the Promissory Notes and liquidate IBRC was driven by careful consideration of the totality of costs and benefits to Ireland and the taxpayer of such action. The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of...

Written Answers — Department of Finance: IBRC Investigations (23 Apr 2015)

Michael Noonan: Upon the receipt of critical representations following the transaction, Department of Finance officials inquired about the transaction with IBRC management as part of their regular engagement. Following initial discussions, they agreed with IBRC's Chairman and CEO (on 31 May 2012) that they would review the available information on the transaction involving Siteserv in greater detail to...

Written Answers — Department of Finance: IBRC Operations (1 Apr 2015)

Michael Noonan: I am advised that, on foot of a meeting between officials from my Department and senior management of IBRC held on 31 May 2012, it was agreed that my Department would review this transaction to better understand the decisions taken by IBRC. This review took place, by way of a meeting between officials from my Department and senior management of IBRC, on 11 June 2012. At this meeting,...

Written Answers — Department of Finance: IBRC Liquidation (5 Nov 2013)

Michael Noonan: The details of individual creditors in IBRC at 30 June 2012 are commercially sensitive and cannot be published however extensive details of the creditors of IBRC at that date are set out in the IBRC Interim Report dated 30 June 2012 available at .A list of unsecured creditors of IBRC at the date of liquidation, with the exception of depositors, was included as part of the Statement of Affairs...

Written Answers — Department of Finance: Bank Debt Restructuring (17 Jan 2013)

Michael Noonan: As the deputy is aware, the Irish Government bonds acquired by IBRC in settlement of the second instalment due on the IBRC promissory notes have a stated maturity date of 13 March 2025 at which point it is envisaged they will be repaid by the State for cash with the resulting balance sheet impact. These bonds have been used by IBRC as collateral for a securities repurchase transaction with...

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

Michael Noonan: The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and...

Written Answers — Department of Finance: IBRC Operations (10 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 58 and 59 together. I am informed that IBRC made officials in my Department aware that they had engaged a firm of solicitors to report on the management of conflicting obligations arising from the wind-down of IBRC s wealth-management business. This report was prepared from the perspective of IBRC. The terms of reference of the recently announced...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (1 May 2012)

Gerry Adams: Question 190: To ask the Minister for Finance further to Parliamentary Question No. 131 of 18 April 2012, if he will confirm whether IBRC travelled to London to meet a company (details supplied) before or after both IBRC and company became aware that the company were unsuccessful in their bid for the US loan sale portfolio; if he will outline whether the purpose of IBRC travelling to London...

Written Answers — Department of Finance: IBRC Liquidation (19 Feb 2013) See 1 other result from this answer

Michael Noonan: At the time of the IBRC liquidation the funding agreements in place between IBRC and the Central Bank of Ireland with respect to ELA consisted of the Special Master Loan Repurchase Agreement and the Facility Deed. The amount of funding advanced to IBRC at the time of liquidation was c.€40 billion. There was no funding advanced to IBRC under the Master Loan Repurchase Agreement when...

Written Answers — Department of Finance: IBRC Liquidation (21 May 2013)

Michael Noonan: The entities referred to in the answer to Parliamentary Question no 50 of 9 May 2013 do not relate to the IBRC Wealth Management business unit. The reference to entities relates to any entity in which IBRC has an ownership interest. A number of the questions above refer to assets owned by IBRC’s Wealth Management business. I have been advised by the Special Liquidators that IBRC...

Written Answers — Department of Finance: IBRC Liquidation (23 Jun 2015)

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 of the...