Shane Ross (Dublin South, Independent)
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To ask the Minister for Finance the status of the pensions of those employees of Irish Bank Resolution Corporation that have been made redundant in recent weeks; if their pensions are still guaranteed; the effect the liquidation will have on their pensions and the contributions they have already made; and if he will make a statement on the matter. [9029/13]

Michael Noonan (Limerick City, Fine Gael)
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I can advise the Deputy unlike in other liquidations, the majority of employees have been re-hired by the special liquidators, for an expected minimum period of 3 months, to ensure an orderly wind-down of the business.

The special liquidators have advised staff that their pensions are controlled by the scheme trustees who will have to independently assess the impact of the IBRC Act 2013 and the appointment of the special liquidators.

The vast majority of IBRC staff were on defined contribution schemes (or no pension scheme) as opposed to a defined benefit scheme and the funds of these pensions funds are held independently.