IBRC progress update report 12 March 2015http://www.finance.gov.ie/sites/default ... c%2014.pdfCash inflow and outflow summary
Outflows: €14.68 bn
Net cash 6 Feb 2015: €1.85bnTasks to completion
Liquidity management of €1.85 billion
Manage remaining loan book of €3.6 billion
Set up SMU by 1 July 2015. To support on-going activities, a Service Management Unit (“SMU”) will be put in place. This will comprise IBRC and KPMG staff and personnel supported by external service providers where necessary i.e. IT, HR, Legal. This unit will formally operate from 1 July 2015 until the liquidation is concluded. It is envisioned that 36 IBRC employees will form part of the SMU.
All IBRC offices closed with the exception of Stephen Court.
There are currently 157 employees remaining as at 1 March 2015. Staff levels are being monitored to ensure that adequate staffing levels are maintained as the SL progresses.
A further 121 employees will leave IBRC by 30 June 2015.
As at 6 February 2015, IBRC had cash balances of approximately .1.85 billion. Surplus funds from the liquidation will be available for distribution to unsecured creditors.
The dividend payable to unsecured creditors cannot be estimated at this time.
We hope to be in a position to make an interim dividend to unsecured creditors in Q4 2015.