Noel Grealish (Galway West, Independent)
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To ask the Minister for Finance if his attention has been drawn to the fact that the liquidation of the Irish Bank Resolution Corporation has an apparently unintended consequence for up to five personal deposit account holders (details supplied); if his further attention has been drawn to the fact that some holders of IBRC deposit accounts received a letter in 2011 stating that their deposit accounts were moving to Allied Irish Bank but the affected accounts were not transferred and may therefore be outside the scope of the eligible liabilities guarantee scheme which covers amounts over €100,000; and if he will make a statement on the matter. [15501/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed that there are a number of customer accounts that may not be entitled to full compensation under the deposit guarantee scheme, DGS, or the eligible liabilities guarantee scheme, ELG, due to the nature of the products or deposit options in which those account holders invested. The proceeds from the disposal of IBRC’s assets will be used to repay creditors in accordance with normal Companies Acts priorities and consequently, preferred creditors will be paid first and then debt purchased by NAMA from the Central Bank will be paid. If there are proceeds available after repayment in full of the NAMA debt, these proceeds will be applied to remaining unsecured creditors. This would include depositors to the extent that their deposits are unguaranteed. I am advised by the Central Bank of Ireland that certain tracker products, which were liabilities of IBRC at the time of the liquidation, have a structured deposit element which is covered by the DGS for that element of the product. As a result, the first €100,000 of any claim from these depositors is covered under the DGS. However I am advised that these products may not be eligible liabilities for the purposes of the ELG scheme. Those affected have been advised to deal with the special liquidator regarding this matter.