Michael McGrath (Cork South Central, Fianna Fail)
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134. To ask the Minister for Finance if his decision to initiate the special liquidation of the Irish Bank Resolution Corporation in 2013 was influenced by any concerns he had regarding the operation of the corporation, including its governance, or concerns relating to any specific transactions the corporation was involved in; if he will specify any such concerns; the action he took on foot of those concerns; and if he will make a statement on the matter. [16752/15]

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.