• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« German central bank criticizes promissory note deal
Depositors in IBRC to lose over €93m »

Another blow to transparency in Ireland as Noonan refuses to publish unaudited accounts for IBRC for 2012

February 18, 2013 by namawinelake

When a Special Liquidator was appointed to Irish Bank Resolution Corporation on 6th February, 2013, a key question was, what was the financial standing of IBRC on that date; after all, the most up to date information was provided for the six months ending 30th June, 2012 and a lot may have happened in seven months.

IBRC published its 2011 annual report on 29th March 2012, and that report included its audited accounts. By 6th February 2013, you would have expected that IBRC would have made some progress in producing its 2012 report. At this stage of course, we don’t need a full report with full audited accounts – after all, the bank is now being liquidated. But it is likely that there were unaudited accounts which might have been finalized or substantially finalized.

Well, it doesn’t really matter because Minister for Finance, Michael Noonan is refusing to release any accounts for the period ending 31st December 2012 – either audited or unaudited. In a response from the Sinn Fein finance spokesperson Pearse Doherty and unusually describing himself in the third person, Minister Noonan said “The Minister for Finance does not intend to lay the unaudited accounts at 31 December 2012 before Dáil Éireann”

Given that this bank has received €34bn of a bailout, that it had loans after impairment of €16bn at 30th June 2012 and given it was running up costs at around €320m per annum and given its assets may now be sold at fire sale prices, at the very least, we should be getting unaudited accounts which are likely to have been prepared by now anyway. Hiding this information is just unacceptable.

The full parliamentary question and response are here.

Deputy Pearse Doherty: To ask the Minister for Finance if he will lay before Dáil Éireann the audited or unaudited accounts for Irish Bank Resolution at 31 December 2012.

Deputy Pearse Doherty: To ask the Minister for Finance if he will outline the arrangements that will apply for the publication of audited accounts for Irish Bank Resolution Corporation for the year ended 31 December 2012.

Minister for Finance, Michael Noonan:  I have been advised by the Special Liquidator that no audited accounts will be required to be published for Irish Bank Resolution Corporation for the year ended 31 December 2012. The Minister for Finance does not intend to lay the unaudited accounts at 31 December 2012 before Dáil Éireann.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, IMF, Irish economy, Politics | 1 Comment

One Response

  1. on February 19, 2013 at 11:35 am gar ocos

    There is a carry forward from the issued interim accounts for the period to 30 June 2012. Crucially, these accounts show a surplus of assets over liabilities at 30 June 2012 of €2.7 billion (€2.734). The main asset (other than the promissory note) at that date is the loan book, recorded as €16.6 billion (valued down from €27.5 billion). So the question then is: On what basis is a €2.7 billion net asset position at 30 June 2012 not sufficient to complete a liquidation of a bank carrying only €16.6 billion of loans which have already been valued down from €27.5 billion? Why is there an extra €1 billion of exchequer funds being allocated? When you factor in the Central Bank deposit insurance outlay (ultimately borne by the exchequer), the figure reaches around €4 billion. Also, there was a net gain to Ibrc during this 8-month period from the promissory note interest. A rough estimate for this gain is €0.2 billion. The €2.7 billion should have been enough; it should have even generated a surplus. Lots of questions….



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    February 2013
    M T W T F S S
     123
    45678910
    11121314151617
    18192021222324
    25262728  
    « Jan   Mar »
  • Blog Stats

    • 5,113,863 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: