merrion street

The Minister for Finance, Paschal Donohoe T.D. today published the seventh Progress Update Report on the Special Liquidation of IBRC. This report was formally requested by the Minister for Finance, from the Joint Special Liquidators of IBRC, Mr Kieran Wallace and Mr Eamonn Richardson and is now available on the Department of Finance website.

Seventh Progress Update received from the Special Liquidators of IBRC
Commenting on the continued progress being made on the liquidation, the Minister for Finance, Paschal Donohoe T.D. stated:

This Report highlights the progress which the Joint Special Liquidators have made during 2019 in their continued efforts to wind up IBRC in a timely fashion. The repayment in full of all admitted unsecured creditors is a very positive development while the State were also repaid the full value in relation to their holding of the preference shares in the former Bank. The decreasing number of legal cases which the Joint Special Liquidators are managing is also a good indicator of the progress being made.
“The report highlights the likely impact which COVID-19 will have on winding up IBRC but I understand these challenges and I am confident the outstanding tasks will be completed to the same high standards we have seen over the last seven years. I would like to thank the Special Liquidators and their staff on their continued work.

Alongside the Progress Update Report the Minister has also published a report prepared by RSM Ireland, commissioned by the Department of Finance, which has analysed the costs and outcomes of the Special Liquidation of IBRC to date with other comparable insolvencies internationally.

Desktop Review of Costs and Outcomes of Large Scale Liquidations - July 2020