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 17th 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.”
