Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the implications he expects arising from the liquidation of the Irish Bank Resolution Corporation on outstanding legal actions against the institution; and if he will make a statement on the matter. [7907/13]

Michael Noonan (Limerick City, Fine Gael)
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The effect of the IBRC Act was to place an immediate stay on claims against IBRC, including counter claims which do not give rise to a right of set off. New proceedings against IBRC can only be commenced with the leave of the Court. On the seventh of March the High Court is to consider submissions in respect of this issue and rule on whether the Court has a discretion to lift the stays placed on ongoing actions by operation of the Act. Litigants who succeed in actions against IBRC will rank as unsecured creditors in the liquidation. If a claimant is also a debtor of IBRC, and that debt is sold to NAMA or a third party buyer, such buyer will acquire that debt subject to that claimant’s pre-existing valid and enforceable claims and counterclaims that give rise to an enforceable right of set-off against the debt.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the implications for loans outstanding to former directors of Anglo Irish Bank and Irish Nationwide arising from the liquidation of Irish Bank Resolution Corporation; and if he will make a statement on the matter. [7908/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware of all debts owing to IBRC, including loans outstanding to former Directors, still remain due and payable in accordance with their terms. This includes loans that were advanced to former directors of Anglo Irish Bank and Irish Nationwide. All loan payments should continue to be made and all debts to IBRC remain due and payable in accordance with their terms. One of the objectives of the Special Liquidators will be to ensure the continued collection of all outstanding debts.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance his estimate of the amounts owed by the Irish Bank Resolution Corporation to unsecured creditors at the time of liquidation; if the IBRC loan books are sold at face value if the liquidator will be in a position to pay all unsecured creditors in full; his views on the situation in which losses were imposed by a State owned business on Irish suppliers of goods and services while no losses are taken by senior bondholders at that institution; and if he will make a statement on the matter. [7909/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, on 7th 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.

The Special Liquidators are currently agreeing all the creditors’ claims and it is therefore too early in the liquidation to ascertain the level of unsecured creditors.

To the extent that there are proceeds available after repayment in full of the NAMA debt these proceeds will be applied to the remaining creditors of IBRC who have not been paid. The Special Liquidators can confirm that the Companies Act’s priorities will apply in the liquidation process. The proceeds from the disposal of IBRC’s assets will be used to repay creditors subject to the normal legal priorities.

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

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if all restructuring arrangements entered into by the Irish bank Resolution Corporation prior to its liquidation with its customers in respect of mortgage arrears will now remain in place; and if he will make a statement on the matter. [7957/13]

Michael Noonan (Limerick City, Fine Gael)
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All restructuring arrangements entered into by Irish Bank Resolution Corporation Limited prior to its liquidation remain in place. The contractual terms and conditions of mortgage customers will not change as a result of the appointment of the Special Liquidators and all debts owing to IBRC (In Special Liquidation) remain due and enforceable.

Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance in the context of the liquidation of the Irish Bank Resolution Corporation, the current status of the IBRC, pre 2011, Defined Contribution Retirement Savings Plan; the impact of the liquidation on the benefits that will be paid to members of the scheme; and if he will make a statement on the matter. [7958/13]

Michael Noonan (Limerick City, Fine Gael)
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Unfortunately my Department has been unable to obtain the information requested by the Deputy in the time available. I will write to the Deputy directly with the information as soon as it becomes available.