Michael McGrath (Cork South Central, Fianna Fail)
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137. To ask the Minister for Finance when the special liquidator of Irish Bank Resolution Corporation expects to complete the liquidation of the bank and to be in a position to inform him of the final statement of affairs; and if he will make a statement on the matter. [36450/13]

Michael Noonan (Limerick City, Fine Gael)
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On 10 May 2013, an amendment to the Ministerial Instruction was issued to the Special Liquidators providing further instruction on the deadlines to be met for the valuing and subsequent sale of IBRC assets. Per this revised Instruction, the Special Liquidators are obliged to ensure that the valuation of all IBRC assets is completed by 30 November 2013 and that the sale of all IBRC assets is agreed or completed by no later than 31 December 2013 or as soon as practicable thereafter. The Special Liquidators will be complying with their reporting obligations and as such once the assets of IBRC (in Special Liquidation) have been fully realised and distributed, a final statement of receipts and payments will be filed with the Companies Registration Office.

Michael McGrath (Cork South Central, Fianna Fail)
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138. To ask the Minister for Finance if the special liquidator of Irish Bank Resolution Corporation is in a position to revisit the losses that have been imposed on various credit unions around the country on foot of the deposit-backed bond they held; and if he will make a statement on the matter. [36451/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised that the Special Liquidators are aware of a number of depositors who fall outside the eligibility criteria for the ELG Scheme due to the nature of the investment product. Unfortunately, if a deposit is not eligible under the ELG scheme the depositor will rank as an unsecured creditor in the liquidation. At the time that this investment product was purchased by Credit Unions, there was no additional guarantee provided by the State. It was always the case that the ELG scheme covered only those liabilities which were entered into during the issuance window.