Gerry Adams (Louth, Sinn Fein)
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285. To ask the Minister for Finance further to Parliamentary Question No. 50 of 9 of May 2013, if he will explicitly confirm whether the entities referred to in the answer concern the Irish Bank Resolution Corporation wealth management entities; if he will confirm the total euro nominal amount of loans IBRC has provided to borrowers for assets that are in the IBRC wealth management unit; if he is concerned that a sale of assets which are not wholly or majority owned on the equity side by IBRC Wealth Management business could reduce the value of the loans provided against the asset sold if the asset is sold below the principal value of the loan outstanding on that asset; if he will confirm whether the special Liquidator has the power to discharge personal guarantees for loans for assets that are in IBRC’s Wealth Management business but are not wholly or majority owned by IBRC and where that equity interest in the asset is sold rather than the loan; and if he will make a statement on the matter. [24322/13]

Michael Noonan (Limerick City, Fine Gael)
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The entities referred to in the answer to Parliamentary Question no 50 of 9 May 2013 do not relate to the IBRC Wealth Management business unit. The reference to entities relates to any entity in which IBRC has an ownership interest.

A number of the questions above refer to assets owned by IBRC’s Wealth Management business. I have been advised by the Special Liquidators that IBRC Wealth Management is a distinct business unit of IBRC and is not a separate legal entity. It does not have its own assets but rather manages the assets of, and acts as custodian for Wealth Management clients.

The Special Liquidators will act in a manner which protects the value of the assets and maximises the return for the taxpayer from the disposal of IBRC’s assets.

Pearse Doherty (Donegal South West, Sinn Fein)
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286. To ask the Minister for Finance further to Parliamentary Question 63 of 9 of May 2013, if he will confirm whether legal proceedings have already been issued in relation to whether the insolvency of IBRC is a relevant insolvency within the meaning of the British Transfer of Undertakings (Protection of Employment) Regulations 2006 in a British court; if he will detail the total number of employees prior to the liquidation of IBRC whose employment agreements were governed by British rather than Irish law; and if he will make a statement on the matter. [24323/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that no legal proceedings have been served (or to the Special Liquidator's knowledge issued) in relation to whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertaking (Protection of Employment) Regulations 2006. Legal advice is currently being sought by the Special Liquidators on whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertakings (Protection of Employment) Regulations 2006. The effect of those Regulations on employees will be dependent on that advice and ultimately the UK Courts under applicable law. The total number of number employees prior to the liquidation of IBRC whose employment agreements were governed by UK law rather than Irish law is 169.

Pearse Doherty (Donegal South West, Sinn Fein)
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287. To ask the Minister for Finance further to Parliamentary Question No. 63 of 9 May 2013, if the insolvency of Irish Bank Resolution Corporation is not considered a relevant insolvency within the meaning of the British Transfer of Undertakings (Protection of Employment) Regulations 2006 that this legal reality could negatively impact on IBRC asset values and thus potential IBRC asset sales before transfer to National Assets Management Agency; and if he will make a statement on the matter. [24324/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that legal advice is currently being sought whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertakings (Protection of Employment) Regulations 2006 and the effect of those Regulations will be dependent on that advice. The effect of the Regulations on asset values will be a matter for the potential purchasers of those assets.