Michelle Mulherin (Mayo, Fine Gael)
Link to this: Individually | In context | Oireachtas source

109. To ask the Minister for Finance the legal challenges or investigations in place which could prolong the process leading to the conclusion of the liquidation of the Irish Bank Resolution Corporation; and if in place, if he will provide details of the challenges or investigations; and if he will make a statement on the matter. [19237/15]

Michelle Mulherin (Mayo, Fine Gael)
Link to this: Individually | In context | Oireachtas source

110. To ask the Minister for Finance the timeframe for the conclusion of the liquidation of the Irish Bank Resolution Corporation; and if he will make a statement on the matter. [19252/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 109 and 110 together.

It is too early at this stage to advise on the likely timeframe for conclusion of the liquidation. Significant progress has been made to date in winding up the affairs of IBRC but further work remains.

A progress update report published in March 2015, which is available on the Department of Finance website, highlights the progress which has been made since the liquidation of IBRC in February 2013 while also highlighting the key tasks remaining in the liquidation.

The liquidation of IBRC can only be concluded once all assets are realised, all creditor claims have been resolved (including those subject to litigation) and all surplus funds have been distributed to creditors.

There are a number of challenges given the volume of litigation involving IBRC and the length of time it takes for each case to be heard and determined. IBRC is currently party to over 700 legal cases which are at various stages in the litigation process.

A number of significant pieces of litigation have been delayed as a result of applications by the Office of the Director of Public Prosecutions requesting that criminal cases relating to individuals in IBRC take precedence over civil cases. This has resulted in the civil actions relating to liquidation issues being delayed until 2017/2018.

In addition, and while this is not expected to prolong the liquidation, the Special Liquidators have also been issued with a Direction to investigate various transactions and to report to me by 31 August 2015.