Written Answers - Financial Services Regulation

Thursday, 30 September 2010

Dáil Éireann Debate
Vol. 717 No. 1

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  37.  Deputy Pat Rabbitte  Information on Pat Rabbitte  Zoom on Pat Rabbitte   asked the Minister for Finance  Information on Brian Joseph Lenihan  Zoom on Brian Joseph Lenihan   if he will provide an update on the progress made on the restructuring of an insurance group (details supplied); and if he will make a statement on the matter. [34052/10]

Minister for Finance (Deputy Brian Lenihan): Information on Brian Joseph Lenihan  Zoom on Brian Joseph Lenihan  The position is that on 3 June the High Court granted the Joint Administrators permission to appoint advisers on any prospective sale of the company in question.

As a consequence of this appointment, a summary note of the business was circulated by the advisers to all interested parties in early July in order to establish the level of interest in purchasing the company. On the basis of the replies received the advisers on behalf of the Joint Administrators issued an information memorandum (27 August) on the sale of the company to interested parties which set out a two stage process for selecting a purchaser. The memorandum which represents the first stage required the submission of a non-binding indicative proposal by Friday 17 September. These are currently being examined.

I understand that following evaluation by the advisers and the Joint Administrators of the above mentioned proposals, a limited number of prospective purchasers will be selected to participate in Phase II of the sale process. They will be allowed to conduct further due diligence including the consideration of the necessary commercial information underlying the company to enable them make a final bid. As yet no details are available on timing.


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