Gerry Adams (Louth, Sinn Fein)
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160. To ask the Minister for Finance further to Parliamentary Question No. 239 of 19 February 2013, if he will confirm that at the time of the Irish Bank Resolution Corporation liquidation there was a total of €136 million, £17.92 million sterling and $100 million Hong Kong dollar denominated senior unguaranteed unsecured Anglo Irish Bank debt outstanding; if he will confirm that at the time of the IBRC liquidation there was a total of $200 million US dollar denominated Anglo Irish Bank subordinated debt outstanding; if he will confirm that all of this outstanding debt detailed in this question and the relevant holders of the individual securities issued to the total nominal amounts detailed are ranked as unsecured creditors and their payment will not be honoured through any other means than that of unsecured creditors in the preferential chain; and if he will make a statement on the matter. [19875/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by IBRC (in special liquidation) that the following debt was outstanding at the time of the IBRC liquidation: €101 million euro denominated senior unguaranteed debt; BGN 25 million euro denominated senior unguaranteed debt; $100m Hong Kong dollar denominated senior unguaranteed unsecured debt; $200m US dollar denominated subordinated debt; €118 million floating rate subordinated notes; and GBP £300 million Preference Share held by the Minister of Finance.

As unguaranteed liabilities the holders of these instruments rank as unsecured creditors in the liquidation and the normal Companies Acts’ priorities will apply.

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 the debt which NAMA will have purchased 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 the remaining unsecured creditors.