Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide the number of depositors and the total amount of deposits in Irish Bank Resolution Corporation on 6 February 2013: and the number of deposits in excess of €100,000; and the overall value of such deposits and the total excess of those deposits over €100,0O0 each. [7724/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations.

At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the businesses, processes, systems and personnel of IBRC. It is important that focus is placed on assessing, reorganising and restructuring the day–to-day activities of the Bank to meet the primary objective of ensuring the purpose of the special liquidation is achieved, as this is key to ensuring that value is extracted from the liquidation.

As such the Bank is not in a position to provide the information requested by the Deputy.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide a schedule of bonds payable by Irish Bank Resolution Corporation on 6 February 2013 showing the type of bond, the date redeemable, the coupon and the redeemable amount. [7725/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC with immediate effect to wind up its business and operations.

At this early stage of the special liquidation Special Liquidators are engaged in intensive processes which involve inter alia, asserting control over the businesses, processes, systems and personnel of IBRC. It is important that focus is placed on assessing, reorganising and restructuring the day–to-day activities of the Bank to meet the primary objective of ensuring the purpose of the special liquidation is achieved, as this is key to ensuring that value is extracted from the liquidation.

As such the Bank is not in a position to provide the information requested by the Deputy.

I thank the Deputy for his understanding in what is a crucial phase in the liquidation.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will clarify the way outstanding bonds in Irish Bank Resolution Corporation will be dealt with as part of the liquidation announced on 6 February 2013. [7726/13]

Michael Noonan (Limerick City, Fine Gael)
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Certain bonds outstanding in Irish Bank Resolution Corporation will be covered under the Eligible Liabilities Guarantee Scheme (ELG Scheme) which provides for a State guarantee for eligible liabilities. To the extent other bondholders do not have the right to claim under the ELG Scheme (such as unguaranteed bondholders and subordinated bondholders), they will retain their claims according to the priority of claims in liquidation and will likely have to await the outcome of the liquidation process to recognise any payment of their claim.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will estimate the cost to the Central Bank of Ireland in compensating depositors at the Irish Bank Resolution Corporation for deposits up to €100,000; and if he will confirm if there is a pre-existing fund maintained by the CBI for such events;; and if he will make a statement on the matter. [7727/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised that the total deposits held by IBRC was €323 million at 31 January 2013. The Special Liquidator submitted preliminary DGS information to the Central Bank of Ireland on 12 February which estimates eligible deposits of €123 million. If the threshold for DGS qualification is mechanically applied (i.e. €100,000 per person), the payment in respect of DGS-covered deposits would be just over €30 million. However, the total DGS pay-out is likely to be significantly lower than this figure after the Special Liquidator excludes accounts such as:

- Accounts that have been legally pledged as security against other liabilities (in IBRC, NAMA or possibly other third parties),

- Accounts of Large Companies (only Small Companies, as defined in the Companies Act 1986, qualify for DGS pay-out).

It will take some weeks before the final pay-out figure will be known. The aim of the Central Bank is to pay compensation within 20 working days to depositors who have been duly verified as eligible. The Central Bank of Ireland maintains a Deposit Protection Account which will be used to fund any Deposit Guarantee Scheme pay-out. The current balance on this account is €388 million and this is funded by credit institutions who contribute 0.2% of their total deposit.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will lay before Dáil Éireann the audited or unaudited accounts for Irish Bank Resolution at 31 December 2012. [7728/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will outline the arrangements that will apply for the publication of audited accounts for Irish Bank Resolution Corporation for the year ended 31 December 2012. [7729/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 61 and 62 together.

I have been advised by the Special Liquidator that no audited accounts will be required to be published for Irish Bank Resolution Corporation for the year ended 31 December 2012. The Minister for Finance does not intend to lay the unaudited accounts at 31 December 2012 before Dáil Éireann.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will confirm the treatment of equity in Irish Bank Resolution Corporation and if it will be returned to the State; if so when;; and if he will make a statement on the matter. [7730/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, on 5 February 2013 the Oireachtas passed legislation (Irish Bank Resolution Corporation Act 2013), appointing joint Special Liquidators to IBRC (with immediate effect to wind up its business and operations. The normal Companies Act’s priorities will apply in this liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors subject to the normal legal priorities.

If there is any residual equity in IBRC following the completion of the liquidation process and payment of all creditors, this will be returned to the State as the owner of IBRC.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if it is a term of the arrangement to replace the promissory notes in Irish Bank Resolution Corporation, that IBRC must remain a corporate entity for the duration of the replacement sovereign bonds, that is, until 2053. [7731/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, following the passing of the IBRC Act 2013 last week, IBRC has now been put into liquidation with Special Liquidators appointed to manage the process. Upon appointment of the Special Liquidators the Central Bank of Ireland became economic owners of the Promissory Notes which have now been replaced with a portfolio of Irish Government bonds. As such, there is no connection between the duration of the Irish Government bonds issued to replace the Promissory Notes and the period for which IBRC must remain a corporate entity. The Special Liquidators are working to wind down IBRC in an expedient a manner as possible and this is expected to occur in a much shorter time period than the duration of any of the bonds issued.