Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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133. To ask the Minister for Finance the frequency of meetings between his Department and the special liquidators of the Irish Bank Resolution Corporation; when the last meeting took place; if regular updates are provided at such meetings on costs charged and incurred by the special liquidators; the oversight examination and decision making undertaken regarding the costs charged and incurred by the special liquidators by his Department; and if he will make a statement on the matter. [37603/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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Following the liquidation of IBRC in February 2013 officials met with the Special Liquidators on a very frequent basis; however, given the progress being made on the liquidation, the frequency of these meetings has reduced as is to be expected. There were eight update meetings held between my officials and the Special Liquidators in 2016 and three update meetings have taken place so far this year. I am advised by my officials that the most recent formal meeting with the Special Liquidators took place on 6 June 2017 and that the next formal meeting is due to take place before the end of September. Officials also speak regularly with the Special Liquidators outside of a formal meeting setting as matters arise. At these formal meetings the Special Liquidators update officials on the progress of the liquidation and bring to their attention any issues which they feel my Department should be made aware of during these meetings. Should my officials have any queries in relation to the professional fees associated with the liquidation or other costs incurred then this matter would be raised during these update meetings.

In addition to regular meetings the Department also receives and publishes regular progress update reports in relation to the Special Liquidation. These reports include a comprehensive update on fees and costs incurred as part of the Special Liquidation. The latest report was provided to the Department in May 2017 and covered the period to the end of 2016.The report is published on the Department's website at .

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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134. To ask the Minister for Finance the costs charged and incurred by the special liquidators of the Irish Bank Resolution Corporation by charging rates per hour or parts thereof; the number of hours or parts thereof actually charged by the types of work performed; the descriptions of work performed; the number of persons performing the work in respect of each of the foregoing categories from 7 February 2013 to date in 2017, in respect of each grade (details supplied); and if he will make a statement on the matter. [37604/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I would like to draw the Deputy's attention to the most recent progress update report on the Special Liquidation of IBRC which was published on 5th May 2017 and which is available on the Department of Finance website: . The fees and all other third party costs as at 31 December 2016 are outlined in detail in this report.

The costs of the Special Liquidators for the liquidation from 7 February 2013 to 31 December 2016 stood at €123.11m. This figure is net of a rebate of €5m which the Department of Finance agreed with KPMG.  This €123.11m relates to fees for work carried out by the KPMG special liquidation team and the scope of work undertaken by the Special Liquidators is detailed in each of the four publicly available progress update reports which have been published since the special liquidation of IBRC in 2013. The fees are net of VAT and outlays. In addition, a further €4.56m was incurred by the special liquidation team which has been recovered from NAMA.

While I am advised by the Special Liquidators that they are not in a position to provide details in relation to the number of persons, by grade, performing the work on the special liquidation given the commercial sensitivities around this information, they have provided a more detailed breakdown of the €123.1m of fees incurred to 31 December 2016:

The most recent progress update report also details the cost management undertaken by the Special Liquidators. These are the various steps taken by the Special Liquidators when hiring legal and third party advisors/contractors to ensure costs were managed efficiently and effectively and minimised while ensuring the orderly wind up of IBRC.

I am further advised by the Special Liquidators that it is not possible for them at this time to confirm or estimate the final fees of the liquidation as there remains a number of tasks in the liquidation to be completed including the ongoing management of circa 175 legal cases, the completion of the creditor adjudication process, the work with the Commission of Investigation, the management of the remaining loan book and the realisation of all remaining assets.

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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135. To ask the Minister for Finance if his Department or its agents or the Comptroller and Auditor General has examined the procurement processes, accounting, controls and oversight of the costs of the special liquidators of the Irish Bank Resolution Corporation; the results of such examinations; the location in which they are published; and if he will make a statement on the matter. [37605/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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Neither the Department of Finance nor the Comptroller and Auditor General have any role in relation to examining the procurement processes of the Special Liquidators. The liquidation of IBRC is similar to any other liquidation with the exception that the Special Liquidators have been appointed by the Minister under the Irish Bank Resolution Corporation Act 2013 rather than appointed by the Courts. As such the Special Liquidators are obliged to follow normal Companies Acts priorities throughout the liquidation process and act in a manner that ensures the assets of IBRC are managed in a way which maximises the overall return for all its creditors including the State subject to the provisions of the Irish Bank Resolution Corporation Act 2013.

Notwithstanding this, the Department of Finance engages regularly with the Special Liquidators on the issue of costs as part of its regular engagement with the Special Liquidators. Page 45 of the most recent progress update report published by the Department sets out the various cost management activities undertaken by the Special Liquidators and the nature of the on-going interaction with the Department in this regard. A copy of that report can be accessed at: .

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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136. To ask the Minister for Finance if he will furnish a copy of the contract between his Department and the special liquidators of the Irish Bank Resolution Corporation; and if he will make a statement on the matter. [37606/17]

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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137. To ask the Minister for Finance if he will furnish a copy of the indemnity provided by his Department to the special liquidators of the Irish Bank Resolution Corporation as part of the conduct of the liquidation of the Irish Bank Resolution Corporation and correspondence relating thereto; and if he will make a statement on the matter. [37607/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 136 and 137 together.

In February 2013 Kieran Wallace and Eamonn Richardson of KPMG were appointed on foot of the Special Liquidation Order by the then Minister for Finance as Special Liquidators of IBRC and were tasked with managing the winding-up of the institution. This process is ongoing. The Special Liquidators are obliged to comply with the instructions given to them by the Minister for Finance and act in the interests of the taxpayer under the provisions of the IBRC Act. The primary set of instructions were issued to the Special Liquidators on 7 February 2013 and they set out details in respect of the manner in which the winding up of IBRC was to proceed. A copy of this instruction can be accessed at the following link: . Further Ministerial instructions relevant to the liquidation of IBRC were issued on 10 May 2013, on 20 July 2013 and on 24 April 2014. Copies of these Ministerial Instructions were laid before the Houses and can also be found online on the Oireachtas library database.

I am advised that the specific correspondence and documentation sought by the Deputy in relation to the Special Liquidation of IBRC contains conmmercially sensitive information given the ongoing nature of the liquidation so I am therefore not in a position to publish such records at this time.