Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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175. To ask the Minister for Finance further to Parliamentary Question No. 133 of 11 September 2017, if he will provide copies of all minutes of meetings between his Department and the special liquidators in relation to the costs of the liquidation of IBRC since 7 February 2013; and if he will make a statement on the matter. [39534/17]

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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176. To ask the Minister for Finance further to Parliamentary Question No. 133 of 11 September 2017, the queries in relation to costs that were raised by him with the special liquidators; the way in which these were addressed; and if he will make a statement on the matter. [39535/17]

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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179. To ask the Minister for Finance the policies, reporting requirements and specific oversight procedures he has put in place since 7 February 2013 for the costs of the liquidation and the special liquidators of IBRC; if he has engaged an external party or other State entity to examine and challenge the invoices produced; the work upon which the costs are based; the method of charging and calculation of such costs; and if he will make a statement on the matter. [39538/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 175, 176 and 179 together.

As previously advised, the Special Liquidators publish an annual progress update report on the liquidation of IBRC which is publicly available and this report also has a section on fees and costs of the liquidation and also outlines the various cost management activities undertaken by the Special Liquidators and the nature of the on-going interaction with the Department in this regard.

Since the liquidation of IBRC in February 2013, the Special Liquidators have published 4 such progress update reports, all of which are available on the Department of Finance website. 

On 6 June 2014 the Special Liquidators published the first progress update report which covers he period from 7 February 2013 to 31 March 2014 and is available through the following link

www.finance.gov.ie/wp-content/uploads/2017/07/IBRC-Progress-Update-Report-6th-June-2014.pdf.

On 12 March 2015 the second progress update report was published which covers the 9 month period to 31 December 2014 and also the 23 month period from the beginning of the liquidation in February 2013 to 31 December 2014, this report is available through the following link

www.finance.gov.ie/wp-content/uploads/2017/07/IBRC-Progress-Update-Report-12th-March-2015.pdf.

On 27 May 2016 the third progress update report was published which covers the 12 month period to 31 December 2015 and also the 35 month period from the beginning of the liquidation to in February 2013 to 31 December 2015, this report is available through the following link

On 5 May 2017, the fourth (and most recent) progress update report was published by the Special Liquidators covering the 12 month period to 31 December 2016 and also the 47 month period from the beginning of the liquidation in February 2013 to 31 December 2016, this report is available through the following link

www.finance.gov.ie/wpcontent/uploads/2017/07/IBRC-Progress-Update-Report-5th-May-2017.pdf.

I am advised by my officials that they receive a quarterly report from the Special Liquidators which gives an update on the liquidation of IBRC. This report outlines the progress being made by the Special Liquidators on the various work streams which are on-going. The report also provides a fee update for the period for which the report relates to. Department of Finance officials review these reports once received and revert to the Special Liquidators should they have any queries on any aspect of the report. Minutes of meetings with the Special Liquidators are commercially sensitive due to the ongoing nature of the liquidation. 

The most recent queries in relation to costs raised by my officials have been in relation to costs associated with the on-going Commission of Investigation and also the mortgage redress project and interest overcharging project; all of which have been intensive work streams for the Special Liquidators and their team. 

As previously advised, 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 and 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.

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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177. To ask the Minister for Finance further to Parliamentary Question No. 134 of 11 September 2017, the basis on which the rebate of €5 million was provided by the special liquidators in respect of their costs; if this or other rebates were requested by him; the way in which the sum of €5 million was calculated; if it related to overcharging or failure to deliver the services that were the subject of the original charge; and if he will make a statement on the matter. [39536/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised that Department of Finance officials met with the Special Liquidators of IBRC in November 2013 in order to discuss the level of costs being incurred as a result of the liquidation. This meeting was requested given the significant increase of workload being incurred over and above what was expected by the Department of Finance when the original special liquidation rates (based on discounted NAMA rates) were agreed. All aspects of the liquidation were reviewed including the on-going IBRC overheads, the Special Liquidator fees and professional advisor fees. At that meeting it was agreed that the Special Liquidators would perform a comprehensive review of their own costs and revert with a view to imposing a significant reduction. I am advised that this request for a reduction in costs from KPMG was not requested as a result of previous overcharging or failure to deliver services. Agreement was reached with KPMG in December 2013 to provide an overall reduction of €5m. All other negotiation of rebates on professional and legal fees as part of the special liquidation were a matter for the Special Liquidators who were asked by Department of Finance officials to negotiate these and this resulted in the agreement of rebates on already reduced rates with A&L Goodbody Solicitors and Linklaters Solicitors. Total rebates from these two firms amounted to €3m (to 31 December 2016) which meant that the total rebates received since the start of the liquidation are €8m. After KPMG, A&L Goodbody Solicitors and Linklaters solicitors have been the two largest recipients of fees arising from the special liquidation of IBRC.

Page 39 of the most recent progress update report from the Special Liquidators outlines the rebates agreed:

www.finance.gov.ie/wp-content/uploads/2017/05/170505-IBRC-Progress-update-report-report_31-Dec-16.pdf.

Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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178. To ask the Minister for Finance further to Parliamentary Question No. 134 of 11 September 2017, the way in which a statement (details supplied) is correct; if he will request the special liquidators to provide the information requested in view of the fact that further to Parliamentary Question No. 286 of 9 June 2015 he provided same; and if he will make a statement on the matter. [39537/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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Question 134 of 11 September 2017, which you posed, asked for a breakdown in relation to the number of persons, by grade, performing the work of the Special Liquidators. Question 286 of 9 June 2015 asked for a breakdown of the hourly rates of each grade.

I am advised by the Special Liquidators that the commercial sensitivities are around disclosing the details in relation to the number of persons, by grade, performing the work on the special liquidation and not the hourly rates per grade. The hourly rates per grade remain as per what was agreed at the start of the liquidation and, as per the response to parliamentary question 286 of 9 June 2015, are set out in the table below. These rates are based on NAMA negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by NAMA.