Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

104. To ask the Minister for Finance the tender process that exists for legal and professional services for the special liquidator. [32768/13]

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

I am advised by the Special Liquidators that where the appointment of advisors or other providers of services is required, IBRC (in Special Liquidation) continues to use the Framework Agreement for engaging such services, put in place through a robust tender process, conducted by the former Management team, prior to Special Liquidation.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

105. To ask the Minister for Finance the amount of unsecured creditors at the date of liquidation of Irish Bank Resolution Corporation in February 2013. [32769/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

107. To ask the Minister for Finance the amount of creditors due arising out of professional fees as at the date of the appointment of the special liquidator at Irish Bank Resolution Corporation in February 2013. [32771/13]

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

I propose to take Questions Nos. 105 and 107 together.

I have been advised the Special Liquidators are currently agreeing all the creditors' claims and it is therefore too early in the liquidation to ascertain the level of unsecured creditors.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

106. To ask the Minister for Finance if he will confirm the special liquidator's assertion that due to the level of insolvency of Anglo Irish Bank there will be no distribution to any unsecured creditors. [32770/13]

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

I have been advised by the Special Liquidators that the normal Companies Acts’ priorities will apply in this liquidation process. 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 has 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 remaining unsecured creditors.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

110. To ask the Minister for Finance his views on the solvency of the Anglo Irish Bank pension scheme at the date of the appointment of the special liquidator in February 2013. [32774/13]

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

111. To ask the Minister for Finance the value of the Anglo Irish Bank pension fund at the date of the appointment of special liquidator in February 2013. [32775/13]

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

I propose to take Questions Nos. 110 and 111 together.

The Special Liquidators are unable to provide an opinion on the solvency or provide the value of the pension funds at the date of their appointment as the funds are held by independent trustees. The Special Liquidators have advised staff that their pensions are controlled by the scheme trustees who will have to independently assess the impact of the IBRC Act 2013 and the appointment of the special liquidators. I am further advised that the vast majority of IBRC staff were on defined contribution schemes (or no pension scheme) as opposed to a defined benefit scheme and the funds of these pensions schemes are held independently.