Michael McGrath (Cork South Central, Fianna Fail)
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63. To ask the Minister for Finance the hourly fee agreed with the special liquidator of Irish Bank Resolution Corporation; the total amount he expects to be paid; and if he will make a statement on the matter. [3437/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that they will comply with their reporting obligations and as such the liquidation accounts will be filed with the CRO after two years of the liquidation and yearly thereafter. These accounts will detail the fees payable to KPMG arising from its work as Special Liquidators of IBRC.  The original rates agreed with the Special Liquidators are commensurate with those agreed by NAMA following a tender process for insolvency services and are significantly discounted when compared to actual KPMG charge out rates.

As is normal in liquidations of companies, all costs, charges and expenses properly incurred by the Special Liquidators in relation to the winding up of IBRC, including the Special Liquidators fees, will be paid out of the assets of IBRC (in Special Liquidation) in priority to all other claims.