Niall Collins (Limerick, Fianna Fail)
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62. To ask the Minister for Finance if he will provide, on a county basis, the number of insurance bond products, that is the insurance policy a developer has to have in place by condition of local authority, taken out by developers with Anglo Irish Bank/Irish Bank Resolution Corporation which are part of the liquidation process; if a local authority should seek to call in any of these bonds; and if he will make a statement on the matter. [19613/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that the Special Liquidators are not in a position to provide this information at present but that they are in the process of establishing the level of bonds/guarantees and indemnities entered into by IBRC (prior to liquidation) in favour of County Councils. I have been further advised that it is likely that any liabilities arising under those bonds, guarantees and indemnities are contingent claims against IBRC. Such claims, if called upon by the County Councils, will most likely rank as unsecured claims in the liquidation of IBRC. The Special Liquidators will be assessing on a case by case basis whether bonds should be renewed in order to protect, maintain or enhance the value of a loan or development as the key objective of the Special Liquidators is to maximise the value of IBRC’s assets.