Pearse Doherty (Donegal, Sinn Fein)
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79. To ask the Minister for Finance the status of the liquidation process at IBRC including a list of all groups of creditors; the likelihood that they will be paid; and the likely financial result for the state. [33903/16]

Michael Noonan (Limerick City, Fine Gael)
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The status of the Special Liquidation as at 31 December 2015 is set out in a third progress update report published by the Special Liquidators on 27 May 2016 and which is available on the Department of Finance website through the following link:

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There remains a number of tasks in the liquidation to be completed including the ongoing management of c. 350 legal cases, the completion of the creditor adjudication process, the work with the Commission of Investigation, the management of the remaining loan book of c. €3.7bn, the liquidation of the remaining subsidiaries, the realisation of all remaining assets and the completion of various projects which include the Interest Overcharge Remediation Project.

As the Deputy is aware, in relation to the payment of proceeds from the liquidation, each class of creditor will be paid according to their legal priority as set out in the Companies Acts, with costs and expenses of the liquidation ranking first followed, in order, by preferred creditors, senior unsecured creditors and subordinated debt creditors. All of the preferential creditors have been paid in full. As previously advised in the IBRC Progress Update Report of May 2016 it is expected that an interim dividend of 25% will be paid to all admitted unsecured creditors by 31 December 2016.

I am advised by the Special Liquidators that their expectation, based on current information, is that the eventual unsecured creditor dividend will be in the range of 75% - 100% of all eligible claims. The Special Liquidators further advise me that this eventual dividend range is subject to change depending on future events which are outside their control. The ultimate level of dividend paid to each creditor cannot be known until such time as all loan assets are sold, the total level of adjudicated creditors is finalised and the other contingent creditor claims which may crystallise, including those from litigation, are known.

The likely financial result for the State is not yet known as it will be dependent on the ultimate level of dividend available.