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Minister Donohoe publishes the Eleventh Progress Update Report received from the Special Liquidators of IBRC

The Minister for Finance Paschal Donohoe has today (Tuesday 22 April) published the eleventh Progress Update Report on the Special Liquidation (“SL”) of the Irish Bank Resolution Corporation (“IBRC”). This report was submitted to the Minister for Finance by the Special Liquidators of IBRC, Mr Eamonn Richardson and Mr Kieran Wallace, and is now available on the Department of Finance website. The report provides an update on the SL’s progress, as well as information and updates in relation to ongoing workstreams and associated costs.

Commenting on the eleventh Progress Update Report, Minister Donohoe said:

“This report emphasises the significant progress made by the Special Liquidators in 2023 and 2024 as they enter into the final months of the IBRC Special Liquidation.

"The Special Liquidators continue their effective management of the wind-down process, including the liquidation of the remaining loan book and management of ongoing litigation, with a number of assets disposed of in the period. All assets are now contracted for sale, a number of which have closed in recent weeks, with the remainder scheduled to close in the coming months.

"Significant preparatory work is underway to enable the transfer of any residual activity associated with the IBRC SL to the National Treasury Management Agency (“NTMA”), subject to the enactment of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill.

"As announced previously, a resolution unit will be established within the NTMA to manage any residual activity associated with the IBRC SL. This includes litigation and any residual debtor/asset management activity required. The resolution unit will also have responsibility for managing any residual activity following the dissolution of the National Asset Management Agency (“NAMA”).

"The residual activity of the IBRC SL will be transferred directly to the NTMA resolution unit following the enactment of the relevant legislation, rather than through NAMA as originally envisioned. This approach recognises the likely legislative enactment timelines while preserving the original policy intention.

"At inception, the IBRC loan portfolio had a par value of €21 billion. At the end of January 2025, that value stood at €3.1 billion, representing a significant reduction in the overall loan portfolio. I want to take this opportunity to formally acknowledge the exceptional progress made by the Special Liquidators of the IBRC in maximising the return on IBRC’s portfolio to date.

"In the period covered by the report, €110 million has been distributed to the Exchequer. I am also pleased to confirm that the IBRC Special Liquidators have completed an additional €250 million transfer on [Thursday 17 April 2025]. Further realisations are to come as the Special Liquidation draws to a close. I am confident that the completion of the liquidation will be conducted in a manner that maximises the ultimate return for the State.”

Notes

  1. Following the dissolution of the Dáil on 8 November 2024, it was not possible to expedite the necessary legislative amendments at end-2024, and legislative drafting of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill continues. The passage of the Bill through the Houses of the Oireachtas is subject to the re-establishment of the Committee on Finance, Public Expenditure and Reform, and Taoiseach.
  2. Owing to revised timelines for enactment of the aforementioned Bill, residual activity associated with the IBRC SL will transfer directly to the NTMA resolution unit for management. Residual activity associated with the dissolution of NAMA will also transfer directly to the NTMA resolution unit, for management from 2026 onwards.
  3. The report states that Special Liquidation, legal and professional fees incurred from 1 January 2023 to 31 January 2025 total €8.6 million. Total fees incurred since the beginning of the Special Liquidation in February 2013 up to 31 January 2025 total €319.4 million.
  4. The estimated timeline and fees forecast up to conclusion of the Special Liquidation are based on a number of key assumptions, including:
    1. Economic, political and legal stability within a number of foreign jurisdictions, where assets continue to be held by the IBRC Special Liquidation.
    2. No new regulatory reviews or investigations for which the IBRC Special Liquidators would be required to establish a special project team. Ongoing day-to-day regulatory interaction is assumed.
    3. No unforeseen delays to the enactment of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill 2024.