Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the projected time horizon over which claims by deposit holders at the Irish Bank Resolution Corporation under the eligible liabilities guarantee would have been paid had the institution not been put in to liquidation; the potential maximum cost of such claims; and if he will make a statement on the matter. [7897/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised that the deposits held by IBRC at the end of January were €323m. Had IBRC not been liquidated I would expect that these deposits would have been paid in line with their expected contractual maturities. Eligible deposits are covered by the Deposit Guarantee Scheme and the Eligible Liabilities Guarantee schemes. Eligible deposits in IBRC of up to €100,000 for an individual or €200,000 for a joint account are protected by the DGS scheme. Eligible deposits above this are protected by the ELG scheme. The Special Liquidators will provide details of eligible depositors and account balances to the Central Bank. Payments will then be made by cheque within 20 working days of the appointment of the Special Liquidators and will be sent to depositors at the address held by IBRC. The Central Bank will keep customers of IBRC informed by providing regular updates on its website. Claimants covered by the ELG scheme must submit a claim to the NTMA. Claims forms can be found on their website at www.ntma.ie .

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance his views on the time horizon over which the disposal of the Irish Bank Resolution Corporation loan book would maximise the return to the State; if he is concerned that a fire sale of the assets may result in the State missing out on a recovery in asset prices in subsequent years; and if he will make a statement on the matter. [7899/13]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will appreciate that it is not possible to be specific in relation to the time horizon for the disposal of IBRC assets. A process has been prescribed which will ensure the optimum value is advanced in the disposal of the assets. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to a floating charge which secures IBRC debt to the Central Bank which will be sold to NAMA) to third parties at or above their independent valuation and failing that the Special Liquidators will sell the assets to NAMA at their valuation price. Third parties including loan counterparties and other financial institutions will be given the opportunity to bid for specific portfolios as part of an open and transparent sales process. If after the independent valuation exercise, the value of the assets sold by the Special Liquidators is not sufficient to compensate NAMA for the amount it paid for the net IBRC debt owed to the Central Bank, then the Minister for Finance will reimburse NAMA for the shortfall. However if the value of the assets is sufficient to repay that debt in full, the Special Liquidator will retain surplus assets for the benefit of other unsecured creditors. This process will ensure that a fire sale of assets will not occur. An assessment of the loans will be made by the Special Liquidator and a decision made in relation to how best to maximise the value of the loans.