Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance the year in which he expects Irish Bank Resolution Corporation to return to a position where it generates a net-after-tax profit. [40896/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by IBRC that they are continuing to work to achieve the agreed objectives in the joint restructuring plans which are to dispose of the assets of the Bank in an orderly fashion and to minimize capital losses to the Shareholder. The performance of the Bank during the wind-down period will be driven (inter alia) by the actual recovery rates achieved for assets, the performance of the domestic and global economies and prevailing interest rates in Europe over the duration of the plan. It is difficult to predict the timing of a return to profitability and the final net asset position of the Bank, given the current uncertainties in financial markets, the continued deterioration in asset values (particularly in Ireland), and the complexities, timescales and risks involved in deleveraging.