Sixth Progress Update received from the Special Liquidators of IBRC
Published on
Last updated on
Published on
Last updated on
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:
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: