Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

52. To ask the Minister for Finance further to Parliamentary Question No. 160 of 30 of April 2013, if he will confirm that the total unguaranteed liabilities of the Irish Bank Resolution Corporation that existed at the time of the IBRC liquidation outside of ELA liabilities in euro amounts, subject to currency fluctuations, is €658 million; if he will confirm further to Parliamentary Question No.194 of 23 of April 2013, that the two ELG scheme guaranteed bonds of €933.77 m were repaid in full; if the independent valuation of the total balance sheet of IBRC exceeds €12.928 billion, that the pool of excess credit developed through sale to the National Assets Management Agency or third parties at that independent valuation price is available to compensate the State for the Exchequer finances provided to satisfy these repayments; if he will confirm whether the €9.03 million the Central Bank of Ireland has paid to satisfy its obligations under the deposit guarantee scheme whether if the independent valuation of the total balance sheet of IBRC exceeds €12.928 billion, that the pool of excess credit developed through sale to NAMA or third parties at that independent valuation price is available to compensate the Central Bank of Ireland for this payment; and if he will make a statement on the matter. [21924/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

There are various unguaranteed liabilities of IBRC and the final liability will only become known at the conclusion of the liquidation process. The holders of the two ELG scheme guaranteed bonds with an equivalent scheme value of €933.77 million have been fully compensated from the ELG Scheme. The State will become an unsecured creditor in relation to this amount and will be paid according to the legal priorities as set out in the Companies Acts, depending on the asset realisations.

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 the repayment in full of NAMA debt, these proceeds will be applied to the remaining unsecured creditors.

As the Deputy is aware payments from the Deposit Guarantee Scheme (DGS) are made from the Deposit Guarantee Fund which is operated by the Central bank and funded by deposit taking institutions. The Central Bank continues to pay out under the DGS Scheme and the final pay-out is expected to be in excess of €9.03million. The Deposit Guarantee Scheme will become an unsecured creditor in relation to these payments and will be paid according to the legal priorities as set out in the Companies Acts, depending on the asset realisations.