CLOSED CASE - Last updated 16/10/2015
Background
The ICCL was informed by the Central Bank of Ireland that it had made a determination under section 31(3) of the Act as amended that the Irish Bank Resolution Corporation (in Special Liquidation) [‘IBRC’] was unable to meet its obligations arising from claims by clients who conducted investment business with the firm. This determination was effective from 17 May 2013.
Kieran Wallace and Eamonn Richardson were appointed as joint Administrators to IBRC under section 33(1) of the Act. Under the Act, the role of the Administrator is to provide the ICCL with the relevant client list, verify the eligibility of each claim and certify to the ICCL the amount of any compensation to be paid to individual claimants. The ICCL pays compensation to eligible investors equivalent to 90% of the compensatable losses they have suffered up to a maximum payment of €20,000.
On the 22 July 2013, the ICCL wrote to known investment clients of the firm as at 17 May 2013, using details provided by the Administrator, enclosing a claim form and information on their entitlements under the Act. The statutory deadline for clients of Irish Bank Resolution Corporation Limited (in Special Liquidation) to apply for compensation under the Investor Compensation Act 1998 ("the Act") passed on 21 November 2013.
The ICCL also placed a related notice in the national press on Friday 26 July and Sunday 28 July 2013.
Payments made
The administrator has certified each of the claims received by the ICCL. Total compensation of €12,368.06 has been paid in this case.
If you have any queries on this case, please contact the ICCL directly.