merrion street

The Minister for Finance, Mr Michael Noonan T.D. today welcomes the third Progress Update Report on the Special Liquidation of IBRC which he received from the Special Liquidators, Mr Kieran Wallace and Mr Eamonn Richardson and which is available on the Department of Finance website. This report was formally requested by the Minister through his Department following discussions over the past few months and will be referred by the Minister to the Oireachtas Committee on Finance, Public Expenditure and Reform for their consideration once it reconvenes.
Commenting on the success of the liquidation to date the Minister stated:
"The success of the liquidation to date has resulted in a cash balance on hand of c. €2.23bn. The Special Liquidators inform me that they hope to be in a position to make an interim distribution by 31 December 2016 of 25% of all admitted claims made by unsecured creditors. Their expectation 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 the control of the Special Liquidators. 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 Minister has highlighted the importance of the creditor adjudication process which is on-going:
"The completion of the creditor adjudication process is one of a number of key tasks remaining for the Special Liquidators. This report highlights that all potential unsecured creditors need to have their claims submitted and adjudicated on prior to the date of the first interim dividend so as to be admitted as an unsecured creditor of the liquidation and receive this dividend. I would encourage all potential unsecured creditors to continue to engage with the Special Liquidators in this process."
The Minister was again keen to highlight the work of the Special Liquidators in the success of the liquidation to date:
"I would like to commend the Special Liquidators, the staff of IBRC and KPMG and all those who have contributed to this project for their hard work over the past three years and I would also like to congratulate them on the successful result of their efforts to date.
At the outset of this liquidation I gave a clear message to the Special Liquidators that the best outcome must be delivered to creditors, which included the Irish taxpayer. This continues to be delivered. There remains a number of tasks in the liquidation to be completed including the on-going management of over 350 legal cases (which has reduced from c. 700 cases since March 2015), 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 and the realisation of all remaining assets; I am confident the Special Liquidators will deliver on these and all remaining tasks. I am satisfied with the financial outcome of the liquidation to date which has far exceeded our expectations and has not resulted in any further cost to the Irish taxpayer."