Tuesday, 17 September 2019
Department of Finance
IBRC Legal Cases
111. To ask the Minister for Finance the number of compensation payments made to persons in respect of a case concerning IBRC damages as a result of negligent misstatement and misrepresentation in respect of oral and written statements made by a bank (details supplied); if cases have been referred to the Financial Services and Pensions Ombudsman in respect of the verdict of the case; and if he will make a statement on the matter. [36978/19]
I am advised by the Special Liquidators of IBRC that a settlement agreement was entered into between the parties to the proceedings to which the Deputy has referred to and, due to the confidentiality provisions in the settlement agreement, its terms cannot be disclosed.
In respect of investors other than the individual who brought the aforementioned proceedings, no compensation payments have been made following those proceedings since the appointment of the Special Liquidators in February 2013.
I have been advised that IBRC (in Special Liquidation) has not been notified by the Financial Services and Pensions Ombudsman of any cases referred to it following on from the judgment of the Court of Appeal in those proceedings.