The Special Liquidators to the Irish Bank Resolution Corporation have extended their timeframe for the final winding up of the former Anglo Irish Bank from the end of 2021 to the end of 2022.
They said the delay can be largely attributed to the ongoing impact of Covid-19 which has resulted in delays to court proceedings and asset realisation strategies.
In the seventh Progress Update Report on the Special Liquidation of IBRC, Kieran Wallace and Eamonn Richardson said that payment of the third and final dividend to unsecured creditors was completed.
This means that all of the adjudicated claims have been paid.
The report also said that 386 unsecured creditor claims were reviewed and adjudicated during 2019, bringing the total number to 3,018.
It also shows that fees incurred in the liquidation for the 12 month period to December 2019 were €19.4m.
The total fees incurred since the beginning of the liquidation in February 2013 to the end of December 2019 amounted to €277m.
The Special Liquidators have forecasted further fees of between €27.5m and €36m to complete the liquidation which will bring the total fees incurred to €304m and €313m.
The Minister for Finance Paschal Donohoe said today's report highlights the progress which the Joint Special Liquidators have made during 2019 in their continued efforts to wind up IBRC in a timely fashion.
"The repayment in full of all admitted unsecured creditors is a very positive development while the State were also repaid the full value in relation to their holding of the preference shares in the former bank. The decreasing number of legal cases which the Joint Special Liquidators are managing is also a good indicator of the progress being made," Pascal Donohoe said.
"The report highlights the likely impact which Covid-19 will have on winding up IBRC but I understand these challenges and I am confident the outstanding tasks will be completed to the same high standards we have seen over the last seven years," Mr Donohoe added.
