Joe Higgins (Dublin West, Socialist Party)
Link to this: Individually | In context | Oireachtas source

132. To ask the Minister for Finance the position regarding developers bonds worth €7,517,371 that were held in the now liquidated Irish Bank Resolution Corporation for housing estates in the Fingal Council area. [36992/13]

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

I am advised that development bonds previously entered into by IBRC in favour of the various County Councils or local authorities remain in place unless expired. I have been advised by the Special Liquidators that in relation to any bonds/guarantees/indemnities entered into by IBRC in favour of the various County Councils, it is likely that any liabilities arising under the those bonds/guarantees/indemnities are contingent claims against IBRC Limited (in Special Liquidation) and such claims, if called upon, will most likely rank as unsecured claims in the special liquidation. Any local authority should contact the Business Management Team, IBRC, Grand Parade, Dublin 6 directly in respect of such claims should they arise. It must be stressed that these bonds are contingent liabilities and will only be called upon where developers breach planning conditions and are not in a position to meet any liability that arises as a result.