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Press release

Sixth Progress Update received from the Special Liquidators of IBRC

The Minister for Finance and Public Expenditure and Reform, Mr. Paschal Donohoe T.D. today published the Sixth Progress Update Report on the Special Liquidation of IBRC. This report was formally requested by the Minister, through the Department of 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.

Commenting on the continued progress being made on the liquidation, Minister Donohoe stated:

“This latest Progress Update Report continues to highlight the excellent progress being made by the Joint Special Liquidators in winding up IBRC. Following the recent settlement of material litigation, the Joint Special Liquidators have now revised their expected timeframe for the completion of the liquidation from end-2022 to end-2021 along with a corresponding reduction in anticipated costs.”

“I would like to thank the Joint Special Liquidators and their staff who have worked on this project over the past six years and the substantial progress they have made. I note the range of tasks that remain outstanding and I am confident that these important tasks will be completed with the same effort as has been shown since the outset of the liquidation.”

Wednesday 22nd May 2019

ENDS

For Further information contact:

Aidan Murphy, Press Officer, Department of Finance

085 886 6667

pressoffice@finance.gov.ie

Notes for editors

1. The estimated timeline and estimated fees for the completion of the liquidation which is included in this Progress Update Report are based on a number of key assumptions including:

  • The on-going management of c. 93 sets of legal cases to which IBRC (in special liquidation) remains party are concluded and any appeals heard within the projected period.
  • No new material regulatory reviews or investigations which IBRC would be required to establish a special project team is assumed. Ongoing day to day regulatory interaction assumed.
  • No new material creditors attempt to submit a claim in the liquidation.
  • Liquidation of the remaining subsidiaries.
  • Wind down of the remaining loan book of c. €3.5bn during the projected period.
  • The realisation of all remaining assets during the projected period in an orderly manner without incurring significant transaction and tax costs.
  • Please see page 31 of the Progress Update Report for further information on the estimated timeline and estimated fees.

2. The estimated liquidation fees of between €291m-€300m for the completion of the liquidation should be considered in the context of the scale of the activities undertaken by the Special Liquidation which has seen almost €22bn of assets prepared and brought to the market since 2013 and raised inflows to date of €17.1bn which has been to repay the outstanding liabilities of IBRC.

3. Tasks which remain to be completed include:

  • The on-going management of circa 93 legal cases (which has reduced from c. 136 cases since May 2018).
  • The completion of the creditor adjudication process.
  • The management of the remaining loan book.
  • The realisation of all remaining assets.
  • The continued compliance with regulatory and other required reviews.

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