Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will confirm the net asset position of Irish Bank Resolution Corporation at 30 June 2012; in view of his Department's forecast of a net cost to the Exchequer in 2013 of €1 billion in respect of IBRC liquidation for the eligible liabilities guarantee, if he will confirm the loss being recorded at IBRC between 1 July 2012 and the date on which IBRC is finally would down in 2013. [9824/13]

Michael Noonan (Limerick City, Fine Gael)
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I can advise the Deputy that the net asset position and consolidated statement of financial position of IBRC at 30 June 2012 is published on page 24 of IBRC’s Interim Report 2012. The total cost of the liquidation is dependent on the value ascribed to the assets in the valuation process currently being conducted by the Special Liquidators. While claims of c.€1 billion are expected under the ELG Scheme it is too early to estimate what further costs are likely to be incurred until that process has been completed.

At this early stage of the special liquidation the 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 maximum value is extracted from the liquidation.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance what will happen in June 2013 when the €3 billion loan from Bank of Ireland to Irish Bank Resolution Corporation, originally provided in June 2012, secured on a 2025 Government bond, falls due. [9825/13]

Michael Noonan (Limerick City, Fine Gael)
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As part of the transactions relating to the Liquidation of IBRC, the bond repo agreement between IBRC and Bank of Ireland was terminated on a no gain/no loss basis and the Central Bank acquired the bond.

This 2025 Irish Government bond will be placed in the trading portfolio of the Central Bank, along with the bonds acquired in exchange for the Promissory Notes. The Central Bank will sell these bonds but only when such a sale is not disruptive to financial stability. The Central Bank have undertaken that minimum of bonds will be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from 2024 onwards.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will outline the consideration given by him in the liquidation of Irish Bank Resolution Corporation to unsecured creditors taking legal action against IBRC and him, after assets in the form of promissory notes worth €27.7 billion at June 2012 were exchanged for bonds worth €25 billion, thereby wiping out IBRCs capital base. [9826/13]

Michael Noonan (Limerick City, Fine Gael)
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The Department of Finance received both internal and external legal advice in relation to the liquidation of Irish Bank Resolution Corporation. The legal advice received covered a wide range of issues, however, it would not be appropriate to comment further on the specifics of the advices received, which advices are subject to legal professional privilege.