Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance the amount the Irish Bank Resolution Corporation has set aside for repaying overcharged Anglo Irish Bank customers. [50850/12]

Michael Noonan (Limerick City, Fine Gael)
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In its interim report of June 2011, the Bank disclosed that it had made a provision of €67m following an internal review of historical interest rate setting procedures as applied to certain loan accounts. I have been advised that this internal review, which was conducted in 2010, addressed the period from 1996 to 2004, to determine whether interest rates applied to customer loan accounts were consistent with the terms of the customer loan documentation.

I have been informed that the Bank is nearing completion of this project and has made refunds to affected customers. The total cost of the refunds is now estimated at €45m to €50m.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if the statute of limitations applies to the Irish Bank Resolution Corporations repayment of overcharged Anglo Irish Bank customers. [50851/12]

Michael Noonan (Limerick City, Fine Gael)
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The issue of whether or not the statute of limitation applies to any specific scenario is a legal question, to be determined by a Court on the basis of the relevant legislation, the specific fact set and applicable timelines. I have been informed that following the Bank’s historical interest rate review project, undertaken in 2010, a decision was taken by the Bank not to rely upon the Statute of Limitations as a defence to any of those claims, even in circumstances where a valid claim for reimbursement of overcharged interest appeared to be out of time. However, the Bank is entitled to rely on the Statute of Limitations in certain circumstances as a defence to certain other claims.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will identify the independent verifier used by the Irish Bank Resolution Corporation in calculations on which refunds to Anglo Irish Bank customers were based; and if he will outline the information that formed the basis of their calculations. [50852/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by IBRC that the Historical Interest Rate Review project, carried out a tender process for the appointment of an external advisor to conduct an independent third party review of the project. KPMG were subsequently appointed and carried out their review in two phases during 2011. Phase 1 covered the period 1996 to 2004 and KPMG reviewed the following:

- Project set up

- Resourcing

- Project governance

- Review of criteria for including / excluding accounts

- Testing of the calculation process including independent recalculation of a sample of affected loans

- Testing of the compounding process

During Phase 2 KPMG carried out an independent recalculation of a sample of loans from 1990 to 1995.