Minister’s Brief

Other remaining tasks include the realisation of all remaining assets, the resolution of all
creditor claims and all surplus funds being distributed to creditors. This process is ongoing.
Cost of Liquidation
The cost of the liquidation to YE2014 stood at c. €151m after applying a negotiated discount
of €8m. That equates to 0.9% of the total €16.53bn of cash generated from the liquidation to
date. These costs can be further broken down into c. €90m which are directly associated with
the sale of €21.7bn of loan assets (0.42% of the total value) and a further €61m that are
directly related to the management of the liquidation of IBRC.
Employees
All IBRC offices are now closed with the exception of an office on Dawson Street with a shortterm
lease. There are currently c.50 employees remaining with this number due to reduce to
c.20 by 31 March 2016. These staff will remain to deal with ongoing work relating to the
Commission of Investigation and also work on discovery requests from the DPP.
Commission of Investigation
While this is not expected to prolong the liquidation, a Commission of Investigation has been
established to investigate certain matters of significant public concern regarding certain
decisions, transactions and activities entered into by IBRC (pre-liquidation) between the
period 21 January 2009 and 7 February 2013. The Department has complied with all
directions received thus far from the Commission.
Third Progress Update Report
We expect a further update on the progress of the Special Liquidation of IBRC from the
Special Liquidators following the 3 year anniversary in February 2016 (publication of this is
expected in May/June 2016). Included in this update report will be the work the Special
Liquidators have undertaken in relation to the IBRC Commission of Investigation including
details of the costs incurred to date by Irish Bank Resolution Corporation Limited (in Special
Liquidation) in undertaking work for the Commission.
Forward Looking
While the Special Liquidators had hoped to be in a position to make an interim distribution to
creditors in Q4 2015, that did not happen due to the ongoing adjudication of creditor claims
and delays in certain legal cases being heard. However, the Special Liquidators hope to be in
apposition to make an interim distribution to creditors in Q4 2016 or Q1 2017. It is the
balance between the proceeds generated and level of valid claims that will ultimately
determine the dividend to which each creditor may be entitled.
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