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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: 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...

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 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...

Written Answers — Department of Finance: IBRC Investigations (15 Jan 2014)

Michael Noonan: I am advised that the contractual terms and conditions of customer mortgages and other borrowings have not changed as a result of the appointment of the Special Liquidators nor will they change following the ultimate sale of the obligations to a third party. However as IBRC is in liquidation it is limited in terms of the supply of further credit to customers. The Special Liquidators have...

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

...i) a copy 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...

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

...i) a copy 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...

Seanad: Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages (6 Feb 2013) See 3 other results from this debate

Michael Noonan: The best thing I can 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...

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

...--(i) a copy 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...

Written Answers — Department of Finance: IBRC Liquidation (18 Jul 2013)

Michael Noonan: As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators’ fees, will be paid out of the assets of IBRC in priority to all other claims. The Special Liquidators will comply with their reporting obligations and as such the liquidation accounts will be...

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...

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...

Written Answers — Department of Finance: IBRC Liquidation (4 Oct 2017)

Paschal Donohoe: I am advised by the Special Liquidators of IBRC that the vast majority of assets remaining in the liquidation are tied to on-going litigation. For reasons of confidentiality and commercial sensitivity, the Special Liquidators cannot provide any further detail on these assets at this time. The Special Liquidators are committed to selling the remaining assets as quickly as is practical but...

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

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

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

Michael Noonan: I propose to take Questions Nos. 102 and 103 together. I am advised by the Special Liquidators that where proceedings were initiated against IBRC prior to the appointment of the Special Liquidators these awards may rank as an unsecured creditor in the liquidation. I am further advised that awards against the Special Liquidators will be treated as a cost of the liquidation and funded through...

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 (30 Apr 2013)

Michael Noonan: The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the...

Written Answers — Department of Finance: IBRC Liquidation (23 May 2017)

Michael Noonan: I propose to take Questions Nos. 180 to 182, inclusive, together. In February 2013 Kieran Wallace and Eamonn Richardson of KPMG were appointed by me in my role as Minister for Finance as Special Liquidators of IBRC and were tasked with managing the winding-up of the institution, this process is on-going. The Special Liquidators are obliged to comply with the instructions given...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Michael McGrath: I assume KPMG would have been acting as a receiver appointed by IBRC in respect of some IBRC assets under IBRC debtors prior to the liquidation, or prior to the appointment of the special liquidators. How has that worked out since the appointment of the special liquidators? Where stands the interaction between their role as receivers for certain assets and their role as special liquidators...

Irish Bank Resolution Corporation Bill 2013: Second Stage (6 Feb 2013) See 18 other results from this debate

Michael Noonan: ...’s media 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...