Gerald Nash (Louth, Labour)
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361. To ask the Minister for Finance what avenues are open for borrowers with ongoing legal or Financial Services and Pensions Ombudsman cases against the IBRC and its predecessor institutions, after the planned winding-down on 1 June 2025, given IBRC’s special liquidation status; and if he will make a statement on the matter. [17322/25]

Gerald Nash (Louth, Labour)
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362. To ask the Minister for Finance in cases where borrowers have new evidence to present to the regulator or Financial Services and Pensions Ombudsman to support ongoing cases against IBRC and its predecessor institutions, whether there will be legal avenues open to continue to pursue such cases after the winding down on 1 June 2025, given IBRC’s special liquidation status; and if he will make a statement on the matter. [17323/25]

Gerald Nash (Louth, Labour)
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363. To ask the Minister for Finance if independent audits have been conducted into the IBRC’s mortgage loan book to determine the extent of any current cases with the Central Bank or Financial Services and Pensions Ombudsman alleging reckless lending or misconduct and where those cases have yet to be adjudicated; and if he will make a statement on the matter. [17324/25]

Gerald Nash (Louth, Labour)
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364. To ask the Minister for Finance how he will satisfy himself that the IBRC has fully complied with all of its legal and regulatory obligations before its planned closure on 1 June 2025; and if he will make a statement on the matter. [17325/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 361, 362, 363 and 364 together.

As the Deputy will be aware, the IBRC Special Liquidators ("SLs") continue to progress the Special Liquidation ("SL") of IBRC towards substantial conclusion, pending enactment of the Conclusion of the IBRC Special Liquidation and Dissolution of NAMA Bill 2024 (the "Bill") which is at an advanced stage of drafting. On the issue of timelines, there is no planned wind-down of the IBRC on 1 June 2025. The SL has continued into 2025 following the dissolution of the Dáil on 8 November 2024, which meant that it was not possible to expedite the necessary legislative amendments at end-2024 to facilitate the orderly conclusion of the IBRC SL. Significant progress has been made by the SLs since then to maximise the overall return of remaining assets to the State, and it is now expected that the IBRC SL will conclude in late 2025 following the enactment of the Bill. I can assure the Deputy that throughout this process, my Department maintains continuous oversight of the Special Liquidation.

I am advised by the Special Liquidators that no independent audit was conducted into the IBRC mortgage loan book, as the loans were transferred to a number of third parties shortly after commencement of the Special Liquidation. Any allegations of reckless lending or misconduct can be reported to the Financial Services and Pensions Ombudsman ("FSPO").

I can advise the Deputy that any outstanding IBRC cases remaining with the FSPO at the time of the conclusion of the Special Liquidation will transfer to a Resolution Unit to be established within the National Treasury Management Agency ("NTMA"). I am acutely aware of the importance of ensuring that any parties to proceedings or FSPO adjudication are not prejudiced by the conclusion of the Special Liquidation, and this policy position is underpinning the overall approach being taken to facilitate the conclusion of the special liquidation of IBRC and the transfer of remaining activity to the NTMA.

Finally, in respect of complaints made through the FSPO, the FSPO advises that these can be resolved through either informal mediation, leading to a potential settlement agreed between the parties, or formal investigation and adjudication, leading to a legally binding decision. In typical circumstances when a corporate entity is dissolved, that legal entity no longer exists. Consequently, a new complaint to the FSPO cannot be maintained against the dissolved entity and an existing complaint against the dissolved entity will be formally closed as there is no legal entity to enter a mediation settlement with or to respond to the investigation of the complaint and be the subject of a legally binding decision. However, as set out above, the conclusion of the IBRC SL is the subject of specific legislation, and appropriate arrangements are being put in place by the Bill to ensure the NTMA Resolution Unit will be able to manage such cases to conclusion.