This report was formally requested by the Minister for 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 latest Progress Update Report, Minister Donohoe stated:
“This Report highlights the progress which the Joint Special Liquidators have made during 2021 in their continued efforts to wind up IBRC in a timely fashion. The conclusion of outstanding legal cases, COVID-19, and more recently the Russian invasion of Ukraine, have affected the asset realisation strategies of the Special Liquidators. This Report shows a decreasing number of legal cases which the Joint Special Liquidators are managing, which is a good indicator of the progress being made.
It is important that the liquidation process maximises the ultimate return for the State. On that basis, it was agreed that the liquidation be completed by end-2024, subject to ongoing review. This will allow the Special Liquidators to achieve the best possible return for the taxpayer on the remaining assets while also concluding the remaining legal cases which IBRC are party to.
The Special Liquidators have continued to make progress on the tasks which remain in the liquidation. I would like to thank the Special Liquidators and their staff for their continued work and I am confident in the completion of the liquidation in a manner that maximises the ultimate return for the State.”
