Michael McGrath (Cork South Central, Fianna Fail)
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78. To ask the Minister for Finance if his attention has been drawn to discussions between the Irish Bank Resolution Corporation and a family (details supplied), the way the interests of the taxpayers will be protected within such discussions; and if he will make a statement on the matter. [13790/15]

Michael McGrath (Cork South Central, Fianna Fail)
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79. To ask the Minister for Finance the implications of the legal proceedings being undertaken by a family (details supplied) in relation to the liquidation of the Irish Bank Resolution Corporation; its implications for the distribution of any surplus arising from the liquidation to the Exchequer; and if he will make a statement on the matter. [13791/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 78 and 79 together.

As the Deputy is aware, the Special Liquidators of IBRC are unable to comment on individual cases. Furthermore, it would not be helpful or appropriate for me to comment on ongoing legal proceedings. Officials in my Department meet with the Special Liquidators on a regular basis as a matter of course and any material issue or development as part of the Special Liquidation are brought to the attention of my officials at these meetings. I am briefed by my Officials on all material matters discussed with the Special Liquidators.  As you are aware, the Special Liquidators are obliged to ensure that the best possible outcome is achieved in the Special Liquidation, maximising the return to all remaining creditors of IBRC, including the State.

The Progress Update Report which was published last month and which is available on the Department of Finance website highlights that there are a number of key tasks left in the liquidation of IBRC, including the on-going management of over 700 legal cases to which IBRC (in Special Liquidation) remains party.

The completion of the creditor adjudication process is another key task for the Special Liquidators, who have published advertisements and written to those known creditors in order to finalise their claims in the liquidation. Creditors in the UK and Ireland had until 31st March 2015 to submit their claims and those creditors in the US have until 31st May 2015. Once all claims have been submitted, they will be reviewed in detail and adjudicated on by the Special Liquidators. In order to finalise this process, further information may be sought from some creditors in order to validate their claim.

Following the completion of this process, the Special Liquidators could be in a position to make an interim distribution to creditors later this year, however, it will be some time before the Special Liquidators will be in a position to advise on likely dividends payable, if any, to creditors (including the Exchequer) given:

1. the early stage in the creditor adjudication process;

2. the other contingent liabilities that may crystallise from litigation; and

3. the future receipts from the sale of the remaining assets.

The Special Liquidators are unable to comment at this stage both on the level of proceeds that will ultimately be generated from the liquidation and on the level of valid creditor claims that will ultimately be received in respect of the liquidation. It is the balance between the proceeds generated and level of valid claims that will ultimately determine the dividend to which each creditor may be entitled.