John McGuinness (Carlow-Kilkenny, Fianna Fail)
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28. To ask the Minister for Finance if he remains committed to the current timeline for the liquidation of Irish Banking Resolution Corporation; and if he will make a statement on the matter. [41465/13]

Michael Noonan (Limerick City, Fine Gael)
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The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act and instructions that have been provided to the Special Liquidators by me under the IBRC Act 2013. The valuation process is on-going and I have been advised that at this point the Special Liquidators have commenced the formal sale process in relation to the sale of the first portfolio tranche of loans assets (called Evergreen) with indicative bids expected later on in October. In relation to the sale of the remaining portfolios, the Special Liquidators have been in communication at this stage with all borrowers and taking professional advice on the appropriate method of disposing of loan assets, and on the appropriate criteria for determining who should qualify to bid for loan assets. The sales processes for the remaining assets are expected to commence in the near future.

I have been informed by the Special Liquidators that they fully expect to comply with the timelines set out by me, as Minister, namely that the valuation of IBRC’s loan assets be completed by 30 November 2013 and that the sale of IBRC assets be completed by 31 December 2013, or as soon as practicable thereafter.

Micheál Martin (Cork South Central, Fianna Fail)
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29. To ask the Minister for Finance if he is satisfied that there is sufficient oversight of the Irish Bank Resolution Corporation liquidation process to ensure the interests of the taxpayer are protected; and if he will make a statement on the matter. [41461/13]

Michael Noonan (Limerick City, Fine Gael)
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The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State subject to the provisions of the IBRC Act. In common with the interest of other creditors I and my officials have been in contact with the Special Liquidators throughout the process to date to understand how the winding up has been proceeding. Twice weekly briefings have been established between officials of the Department of Finance and the Special Liquidators to review whether the liquidation of IBRC is being conducted in an efficient and timely fashion. This constant engagement will continue throughout the course of the liquidation and is supported by a comprehensive monthly report furnished to the Department by the Special Liquidators.