Catherine Murphy (Kildare North, Independent)
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128. To ask the Minister for Finance the reason he stated in Dáil Éireann on 6 February 2013 during his opening remarks on Second Stage of the Irish Bank Resolution Corporation Act 2013, that he wished to emphasise that the reason these steps were being taken was entirely distinct from the performance or direction of the board or management of the corporation, and that he wished to acknowledge, with much appreciation, the significant efforts the directors and staff of the corporation had made to the stabilisation of, and maintenance of value in, the corporation; if at that time, as has been revealed in documents dated July 2012 and released to this Deputy under the Freedom of Information Act, he was very concerned with how a large number of transactions had been handled over the previous number of months, and that this had led the Department to question the effectiveness of the chief executive officer and the current management team; and if he will make a statement on the matter. [16660/15]

Michael Noonan (Limerick City, Fine Gael)
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The decision to liquidate IBRC and exchange the Promissory Notes was taken with the expressed purpose of protecting the taxpayer, to end the exposure of the State and the Central Bank to IBRC, to enable the state to re-establish normalised access to the international debt markets, to resolve the debt of IBRC to the Central Bank, to restore confidence in the banking sector more generally and to provide for the orderly wind down of IBRC which was being supported, at a heavy cost to the State, by the Promissory Notes.

The relationship with the management of IBRC did not drive these strategic objectives, nor the decision making process surrounding the formulation, design and structuring of the Promissory Note transaction and liquidation of IBRC.

My statement about the Board, management and staff of IBRC reflected the position at that time.