Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance his plans to amend the Irish Bank Resolution Corporation Act 2013 to remove the stay on legal actions against the bank; and if he will make a statement on the matter. [9475/13]

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

There are currently no plans to amend the IBRC Act 2013, which was signed into law on the 7th February 2013. As the Deputy is aware, this Act puts a stay on all actions against IBRC. I have been advised that the courts are in the process of examining if they have discretion to lift this stay and that some parties will make submissions on the 7th March. It is not possible for me to add anything further on these matters as they are currently before the courts.

Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the date on which his Department first communicated with KPMG regarding the possibility of their being appointed as special liquidator of the Irish Bank Resolution Corporation; the procurement procedures that applied; the estimated value of the contract; and if he will make a statement on the matter. [9476/13]

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

The Department first communicated with KPMG on Friday the 12th October the possibility of their officials being appointed as Special Liquidator of IBRC. I am sure the Deputy will understand that for commercial reasons the estimated cost of the contract cannot be disclosed. It is obvious that in the circumstances, a tender process could not have been entered into for the liquidation of IBRC due to the sensitivity of the matter. However, I can assure him that the rates that have been agreed are commensurate with those agreed following a tender process undertaken by the National Asset Management Agency.

As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators’ fees, will be paid out of the assets of IBRC in priority to all other claims.