Minister’s Brief

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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. Page 126 of 184
3.2.3.6 State’s shareholding in PTSB Specialist - Brian Corr Des Carville Head of Unit Shareholding Management Unit Brian Corr Specialist Shareholding Management Unit – PTSB Alan Ring Specialist Shareholding Management Unit - PTSB Key Points: Permanent TSB (“PTSB”) is 75% owned by the State. The market value of the shareholding at [25] February 2016 is c €0.83bn. While improvements continue PTSB remains a bank in restructuring with low underlying profitability and high NPLs. PTSB is working on issues in three key areas (1) Restructuring Plan commitments (2) regulatory compliance and (3) legacy issues. The Restructuring Plan commitment to sell GBP£2.4bn of UK mortgage loans is the most immediate issue for the State followed by its review of legacy mortgage sales processes. Given the low underlying profitability the outcome of the Bank Levy review is of material interest to PTSB who pay €27m per annum at present. Any increase in levies will put at risk Restructuring Plan commitments with the European Commission and could in a worst case scenario render the bank unviable. The States’ relationship with PTSB is governed by the Relationship Framework which is dated March 29 2011 and amended and restated as of 23 April 2015. Legacy legal actions relating to the State’s investment in PTSB are ongoing. Details are included in the Legal section. Page 127 of 184
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Credit in 2014 - that credit was of
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INCOME TAX INCENTIVES Agri-Taxation
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Marine taxation In Budget 2016, a r
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Detail: Indirect Tax Policy Tax Hea
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outcomes, then it was proportionate
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More fundamental threats to tobacco
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3.1.3.4 Finance Bill co-ordination,
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The Department is currently reviewi
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Erosion of income tax base did not
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