Stephen Donnelly (Wicklow, Independent)
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77. To ask the Minister for Finance further to Parliamentary Question Nos. 275, 276, 277 and 278 of 16 April, 2013, if he will provide details of the way that the Irish Bank Resolution Corporation assets relating to the €15bn the National Assets Management Agency funding were estimated, including any external verification; and if he will make a statement on the matter. [19459/13]

Michael Noonan (Limerick City, Fine Gael)
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To be clear, NAMA issued Senior Bonds totalling €12.928 billion to purchase the CBI’s remaining lending to IBRC under the Facility Deed. That lending is backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by a Ministerial guarantee. This ended the CBI’s lending relationship with IBRC and NAMA became the largest creditor to the liquidation. The Special Liquidator is charged with discharging this loan, which was acquired by NAMA, through a valuation and sales process of the remaining assets of IBRC over the coming months. As the Deputy will be aware extensive work has been undertaken by both the former Board of IBRC and my officials in relation to the winding up of IBRC. The Deputy will appreciate it was not possible to fully engage with the bank or its management in relation to the liquidation in advance of the transaction as this would have triggered legal obligations for the directors of the bank. However, extensive information in relation to the assets and liabilities of IBRC was provided to and held by the Department of Finance as part of its normal engagement with the bank including the audited Annual and Interim financial reports and accounts for the periods prior to liquidation, loan loss and provisioning exercises, internal and external auditor reports, Board papers and presentations, monthly management reports, financial presentations and other information provided to officials as part of their normal interaction with the bank.

Stephen Donnelly (Wicklow, Independent)
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78. To ask the Minister for Finance further to Parliamentary Question Nos. 275, 276, 277 and 278 of 16 April, 2013 if he will provide the balance sheet of the Irish Bank Resolution Corporation at the time of liquidation, and detail where each asset and liability has moved to; and if he will make a statement on the matter. [19460/13]

Michael Noonan (Limerick City, Fine Gael)
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The latest balance sheet of IBRC can be found in the Bank’s last published Annual Report & Accounts as at 31 December 2011 and the 2012 Interim Accounts. The Special Liquidators are not in a position to provide any additional confidential commercially sensitive financial information as this could potentially have a detrimental impact on asset recovery.

Stephen Donnelly (Wicklow, Independent)
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79. To ask the Minister for Finance further to Parliamentary Question Nos. 275, 276, 277 and 278 of 16 April, 2013 if he will indicate who incurs the loss if the Irish Bank Resolution Corporation assets securing the €15bn debt purchased by the National Assets Management Agency from the Central Bank realise less than €15bn when sold; and if he will make a statement on the matter. [19461/13]

Michael Noonan (Limerick City, Fine Gael)
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As part of the role of the liquidators, the assets of IBRC will be valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. To be clear, NAMA issued Senior Bonds totalling €12.928bn to purchase the CBI’s remaining lending to IBRC under the Facility Deed. The process described above will establish if the value of IBRC’s assets are sufficient to cover the value of NAMA bonds issued. The outcome of this process will not be known, with any certainty, until the independent valuation and asset sale process has completed. If the value of the assets is insufficient to covers amounts due to NAMA then that shortfall will be compensated by the Exchequer. If the value of the assets is greater than €12.928bn then the surplus after NAMA has been paid will go to the other creditors of IBRC.

Stephen Donnelly (Wicklow, Independent)
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80. To ask the Minister for Finance further to Parliamentary Question Nos. 275, 276, 277 and 278 of 16 April, 2013, the reason preferred creditors will be paid before debt purchased by the National Assets Management Agency from the Central Bank; and if he will make a statement on the matter. [19462/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that the debt purchased by NAMA from the Central Bank is a claim debt secured by a floating charge over the assets of IBRC. The sales proceeds received through the sale of the Company’s assets will be used to repay the creditors of the Company subject to the normal legal priorities, as set out in the Companies Act’s. Once the costs of the liquidation have been paid payments will be made to those creditors who are classified as preferential creditors.

Section 285(7) of the Companies Act, 1936 (as amended) (“the Act”) provides that preferential debts shall “have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or subject to that charge”.

Stephen Donnelly (Wicklow, Independent)
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81. To ask the Minister for Finance further to Parliamentary Question Numbers 275 and 278 of 16 April 2013 if he will indicate the total pension funds affected, including those contained in client accounts;; and if he will make a statement on the matter. [19463/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that the total value of the 23 individual Irish pension fund accounts placed on deposit with Irish Bank Resolution Corporation at the time of liquidation was €1m. I am advised that this excludes any funds placed on deposit with the Bank in client accounts opened on behalf of beneficiaries, where these beneficiaries are Irish pension funds. Funds in client accounts are placed by intermediaries, including brokers and the Special Liquidators and/or the bank would not have the details of the underlying deposit holders. The Special Liquidators are therefore unable to confirm the total value of pension funds that could be contained in client accounts at the time of liquidation. The status of all deposits in IBRC is currently under review with the respective Guarantee Scheme Operators, regarding consideration for payment under the respective schemes.

Stephen Donnelly (Wicklow, Independent)
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82. To ask the Minister for Finance further to Parliamentary Questions Nos 275, 276, 277 and 278 of 16 April 2013, if he will confirm that the €1 million specified in the answer is the sum total of the 23 individual pension fund accounts also specified in the answer; and if he will make a statement on the matter. [19464/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that the €1m specified previously is the sum total of the 23 individual pension fund accounts.