State to get €275m from liquidation of former Anglo Irish Bank – estimates
The state is expected to get €275m from the liquidation of the former Anglo Irish Bank by the end of this year, according to the best estimate of liquidators Kieran Wallace and Eamonn Richardson.
The special liquidators hope to pay an interim dividend of 25pc to all unsecured creditors by the end of 2016.
But there are no plans as yet to pay remaining Anglo Irish Bank bondholders.
“Itis anticipated that a dividend will be available for unsecured (but not subordinated) creditors but it is difficult to ascertain the quantum at this stage as the outcome of certain claims have yet to be determined,” the report said.
The special liquidators said the eventual unsecured creditor dividend will be in the range of 75pc to 100pc.
Some €1.1bn overall is owed to the State for money paid out to IBRC customers whose savings were guaranteed by the State at the time of the liquidation.
Unsecured creditors also include dozens of business whose bills to the bank were outstanding when the plug was pulled on the bank.
Controversially, unsecured subordinated bondholders are next in line to be repaid.
Finance Minister Michael Noonan said the dividend range to unsecured creditors is subject to change.
“The ultimate level of dividend paid to each creditor cannot be known until such time as all loan assets are sold, the total level of adjudicated creditors is finalised and the other contingent creditor claims which may crystallise, including those from litigation, are known,” he said.
Article Source: http://tinyurl.com/kbwqb42