Written answers

Tuesday, 5 February 2013

Department of Finance

Bank Guarantee Scheme

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if he will set out in tabular form the list of legal actions initiated by the holders of subordinated or senior bonds in the covered banks; the date the action was initiated; the identity of the applicant or applicants; the identity of the respondent and the jurisdiction in which the action has been initiated. [5295/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The covered institutions have supplied the following information in response to the Deputy's questions: PTSB has informed me that no legal actions have been initiated by the holders of subordinated or senior bonds in respect of PTSB. AIB has informed me that one claim has been initiated by a New York based entity. It commenced litigation in the United States District Court for the Eastern District of New York against AIB arising out of the Liability Management Exercise in May 2011. The claim was dismissed by the New York courts in August 2012 on the grounds that New York was not the appropriate jurisdiction in which to bring proceedings. All relevant disclosures in respect of this case are publicly available through New York District Court website www.nysd.uscourts.gov. BOI has informed me that in its published financial reports, shareholder circulars and prospectuses, which are all available on the Bank of Ireland website, it provides appropriate disclosures concerning material litigation related issues. IBRC has informed me of the following cases and details:

ProceedingsDate CommencedPlaintiff/ ApplicantsDefendant/ RespondentJurisdiction
Assenagon Asset Management v IBRC 2012/2264; HC11C0132015 April 2011Assenagon asset Management SAIBRCEngland & Wales
Enid Investment Corporation v IBRC 2012/2989; HC12B031563 August 2011Enid Investment CorporationIBRCEngland & Wales
Fir Tree Capital Opportunity Master Fund LP and Fir Tree Value Master Fund LP v Anglo Irish Bank Corporation Limited (formerly Anglo Irish Bank Corporation Plc) Civil Action No.11/CV/09559 March 2011Fir Tree Capital Opportunity Master Fund LP and Fir Tree Value Master Fund LPIBRCUnited States District Court – Southern District of New York

United States Court of Appeal for the Second Circuit.

Comments

No comments

Log in or join to post a public comment.