Progress update report. 12 March 2015

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1 Progress update report 12 March 2015

2 Important notice This report has been prepared for the Minister for Finance following consultation with the Department of Finance and in response to a request for a detailed update report made under Section 17 (c) of the Ministerial Instructions issued on 7 February Our work on Irish Bank Resolution Corporation Limited (In Special Liquidation) ( IBRC in SL ) commenced on 7 February 2013 on the appointment of the Special Liquidators. This report covers the period 1 April 2014 to 31 December 2014 (unless otherwise stated) and is an update to the progress report issued on 6 June This Report is for the benefit of the Minister for Finance and has been released on the basis that it shall not be copied, referred to or disclosed, in whole or in part, without our prior written consent. This Report is not suitable to be relied on by any party wishing to acquire rights against KPMG for any purpose or in any context. Any other party that obtains access to this Report or a copy and chooses to rely on this Report (or any part of it) does so at its own risk. To the fullest extent permitted by law, KPMG does not assume any responsibility and will not accept any liability in respect of this Report to any party other than the Minister for Finance. expressed. This engagement is not an assurance engagement conducted in accordance with any generally accepted assurance standards and consequently no assurance opinion is 2

3 Glossary of terms a/c ALCO ALG Account c. circa CBI CRE CRO DGS DOF ELA ELG FCA FX GP HR IBRC IBRC in SL Asset and Liability Committee A&L Goodbody Central Bank of Ireland Commercial Real Estate Chief Risk Officer Deposit Guarantee Scheme Department of Finance Exceptional Liquidity Assistance Eligible Liability Guarantee Financial Conduct Authority Foreign Exchange Grand Parade Human Resources Irish Bank Resolution Corporation Limited Irish Bank Resolution Corporation Limited (in Special Liquidation) IBRC Act/The Act Irish Bank Resolution Corporation Act 2013 IRRCAC INBS IBRC Assurance Company Limited Irish Nationwide Building Society IT JCBC LPT LSA MARS NAMA NARL NDA NTMA PAYE PI ODCE RMI ROI SC SL SLA SLs SMU SPV Information Technology Joint Committee of Inquiry into the Banking Crisis Local Property Tax Loan Sale Agreement Mortgages Arrears Resolution Strategies National Asset Management Agency National Asset Resolution Limited Non Disclosure Agreement National Treasury Management Agency Pay As You Earn Participating Institution Office of the Director of Corporate Enforcement Recovery Management Ireland Republic Of Ireland Stephen Court Special Liquidation Service Level Agreement Special Liquidators Service Management Unit Special Purpose Vehicle 3

4 Glossary of terms (continued) TSA TUPE VAT VDR Transitional Service Agreement Transfer Of Undertakings (Protection of Employment) Regulations 2006 Value Added Tax Virtual Data Room 4

5 Contents Page The contacts at KPMG in connection with this report are: Kieran Wallace Restructuring Partner, Dublin Tel: Fax: Eamonn Richardson Restructuring Partner, Dublin Tel: Fax: Executive Summary 6 Deal workstream 13 Loan management workstream 16 Finance workstream 19 Creditor Adjudication Process 23 Legal workstream 26 Regulatory and compliance workstream 29 Operations workstream 33 Loan migration workstream 38 HR workstream 41 IT workstream 44 Facilities workstream 47 Deposits workstream 50 Tax workstream 54 Costs and fees 58 5

6 Executive Summary

7 Outcome to date Net customer loan and derivative receipts Distributions from subsidiaries Sale of bonds NAMA funding Fee income Tax refunds Fixed and other asset sales Other miscellaneous receipts Cash inflow and outflow summary Inflows Outflows bn bn NARL repayments Settlement of hedging derivative contracts NAMA repayment Administrative expenses CBI repayment Liquidation fees Liquidation legal fees Other liquidation costs NET CASH AT 6 FEBRUARY bn Status of Wave 1 sales process Project Completed Evergreen Rock Salt Pebble Sand Stone Dec 2013 Feb 2014 Feb 2014 Feb 2014 Jun 2014 Jul 2014 Status of Wave 2 sales process Project Completed Amber Quartz Pearl Amethyst Opal (IBRCAC) Nov 2014 Feb 2015 Feb 2015 March 2015 March

8 Executive summary IBRC sales process by numbers 21,700,000,000 OF LOANS PREPARED AND BROUGHT TO MARKET LOAN SALES PROCESSES CONDUCTED Slide 22 Title COLLATERAL WAS BASED IN DIFFERENT JURISDICTIONS 174 NON DISCLOSURE AGREEMENTS ( NDA ) SIGNED WITH INTERESTED PARTIES LOANS CONSISTED OF OVER 64 15,900 >130, LETTERS ISSUED TO BORROWERS AND GUARANTORS INTERESTED PARTIES ACROSS 13 COUNTRIES 755,000 DOCUMENTS WERE REVIEWED AND UPLOADED TO VIRTUAL DATA ROOMS ( VDRS ) 3, % PROPERTY VALUATIONS WERE OBTAINED INDICATIVE BIDS WERE RECEIVED ACROSS 9 PORTFOLIOS DIFFERENT BORROWER GROUPS OF THE LOAN BOOK TRANSACTED The IBRC loan portfolio was supported by collateral based in 22 different jurisdictions worldwide. Project Pebble US CRE, UK hotels and UK & Ireland Shopping Centres Ireland/UK (84%) US (15%) World: other (1%) Project Rock UK originated Commercial Real Estate ( CRE ) Loans UK (89%) US (7%) Germany (3%) Europe: Other (1%) Project Sand/Pearl Irish originated Residential Mortgages Ireland (100%) Project Evergreen Irish originated Corporate Loans Ireland (93%) UK (7%) Project Salt UK originated CRE Loans Germany (60%) UK (30%) Poland (7%) Europe: other (3%) Project Stone Irish originated CRE Loans Ireland (46%) United Kingdom (33%) Continental Europe (18%) Other (3%) Total Indicative and Binding Bids (across multiple tranches per portfolio) (a) Bids Indicative Binding Evergreen Rock Salt Project Amber/Project Amethyst Corporate and CRE loans UK (78%) Ireland (22%) Project Quartz Irish originated CRE loans Ireland (97%) UK (1%) Other (2%) We saw strong interest from a variety of financial and strategic buyers and funders, with US private equity houses and hedge funds being key participants across each of the 9 portfolios Sand/ Pearl 26 9 Stone Pebble 6 4 Quartz Note: (a) 7 indicative bids and 3 binding bids were received for Project Opal (sale of IBRCAC) have not been included in the table above Amber

9 Tasks to completion Liquidity management of 1.85 billion Set up SMU by 1 July 2015 Liquidate / sell remaining subsidiaries Since the start of the Special Liquidation in 7 February 2013, the SLs have made significant process in deleveraging the loan books of IBRC and managing other aspects of the liquidation. Some of the more pertinent tasks to completion are presented opposite. Continue to manage on-going litigation Manage remaining loan book of 3.6 billion Clear remaining deposit accounts for payment Sell remaining IBRC assets Complete creditor adjudication process 9

10 Executive summary Area Summary Outcome NARL facility fully repaid in October Agreement and payment of 17.1 million to preferential creditors. Sale of IBRCAC completed. Cash balance on hand of approximately 1.85 billion as at 6 February Remaining loan book of 3.6 billion and other assets to be managed/sold. Approval from CBI for permission to carry on with certain excluded activities granted to 31 March A further extension to 30 June 2015 has been requested. A new IBRC SL Supervisory Committee has been proposed to the CBI to replace the existing Corporate Governance structures. This is currently subject to CBI approval. Employees All IBRC offices closed with the exception of Stephen Court. There are currently 157 employees remaining as at 1 March 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 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. 188 of the 222 employees entitled to a payment under the Irish Bank Officials' Association ( IBOA ) associated termination scheme have been paid through a scheme devised by Kieran Mulvey, who acted as mediator between IBRC and IBOA. The three existing pension schemes are in wind down and should be closed by 31 December Legal Section 56 report completed and submitted to the Office of the Director of Corporate Enforcement. On-going management of over 700 litigation proceedings. Litigation remains a key risk to be managed in the SL to ensure that contingent liabilities are appropriately managed. Complied with Banking Inquiry Direction issued by the Joint Committee of Inquiry into the Banking Crisis. 10

11 Executive summary Area Creditor adjudication process Summary The creditor adjudication process began in September 2014 and is tailored to qualify and quantify unsecured creditors claims. There are presently approximately 1,400 claims being reviewed. Advertisements for creditor claims were made in Irish, UK and US newspapers. Creditors in the Ireland, UK and the rest of Europe have until 31 March 2015 to submit their claims, while US creditors have until 31 May The difference arises due to difference in provisions governing the process in the US. Dividends 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. This is due to the following uncertainties: - Future level of realisations from assets remaining in IBRC; Tasks to completion - The level of creditor claims which will ultimately be admitted as valid claims against IBRC; - The level of future recoveries from plaintiff litigation taken by IBRC; and - The level of future potential liabilities arising from litigation where IBRC is a defendant. We hope to be in a position to make an interim dividend to unsecured creditors in Q Complete the sales process for residual assets including the execution of remaining purchaser TSAs and migration and close out activity of all loan data, including physical files. Manage remaining loan book of c. 3.6 billion and realise other assets. Preparation for post wind down operational infrastructures and implementation on 1 July Liquidation or sale of remaining subsidiary interests. Management and unwind of hedging positions. Complete creditor adjudication process. Resolve outstanding tax issues in Ireland and the UK. Continue to manage on-going litigation and any new litigation which may arise. Finalise revised governance structures with CBI and ensure that IBRC maintains its regulatory obligations until all assets have been sold. Continue to liaise with the CBI and NTMA to clear the remainder of the deposit accounts for payment. Complete all statutory liquidation matters. 11

12 Costs summary Cost reduction achieved at IBRC was greater than liquidation specific fees (excluding loan sales) 23 month period to 31 December 14 (a) SL related professional and legal fees to 31 December Rebate obtained (8.0) Fee relevant to the sale of 21.7 billion of loans (90.4) Liquidation specific 60.6 On-going cost reduction in IBRC during same period 41.4 Note: (a) Represents the period following the commencement of SL of 7 February 2013 to 31 December 2014; (b) The above is exclusive of value added tax ( VAT ) and disbursements; The SLs have continued to review and monitor all third party advisor costs. Certain legal advisors signed up to NAMA rate card and/or fixed cost pieces of work. Certain other advisors signed up to NAMA rate card. Certain other advisors were engaged following a competitive tender process with fixed fee quotes. Minister negotiated the agreement of various further rebates on the already reduced rates with KPMG, A&L Goodbody ( ALG ) and Linklaters. In summary: It should be noted that had the Bank continued with its planned wind-down the operating costs were anticipated to be 1.1bn to the end of While the cost of liquidation is significant we anticipate the total cost of the wind-down will be considerably less than previously estimated while at the same time eliminating many of the risks associated with the long term wind-down plan. Net of sales related costs, liquidation costs are currently 60.6 million which should be considered in the context of operational cost savings of 41.4 million over the same period. Sales costs are 90.4 million for successfully disposing of c billion of loans, or 0.4% of the value of loans sold. Total sales and liquidation costs are 0.9% of total cash receipts generated during the period. 12

13 Deal workstream

14 IBRC sales process by numbers 21,700, , billion of loans prepared and brought to market 64 loan sales processes conducted Loans consisted of over 15,900 different borrower groups Collateral was based in 22 different jurisdictions >130,000 Slide 355 Title More than 130,000 letters issued to borrowers and guarantors 355 interested parties across 13 countries Non Disclosure Agreements ( NDAs ) signed with interested parties 755,000 3, % Over 755,000 documents were reviewed and uploaded to virtual data rooms ( VDRs ) 3,500 property valuations were obtained 241 indicative bids were received across 9 portfolios and for the stake in IBRCAC 100% of the loan book transacted 14

15 An overview of the IBRC Wave 2 sales process The Wave 2 sales process for the final 2.5 billion worth of loans left unsold following the Wave 1 loan sales as well as the sale of IBRC s stake in IBRCAC and the NAMA subordinated bonds was initiated in August Borrower Groups Sales Tranches Gross Loan Balance ( bn) Status Remaining loan book Project Quartz Commercial real estate loans; originated in Ireland primarily secured by Irish properties Contracted and completed. Project Amber Irish originated corporate loans, secured by primarily UK properties. Commercial real estate loan portfolio primarily secured UK properties. Project Pearl Contracted and completed. Residential mortgage loan portfolio originated in Ireland 6, Contracted and completed. Project Amethyst Commercial real estate loans; originated in Ireland primarily secured by Irish properties Contracted and completed. Project Opal Sale of 100% stake in IBRCAC. Contracted and completed. Project Jade Sale of IBRC s holding of NAMA subordinated bonds. Contracted and completed. 15

16 Loan Management workstream

17 Loan Management workstream: key highlights Continue to manage the remaining loan book of c. 3.6 billion through the normal course of business. The reconstituted credit committee continues to function to support the management of remaining loans. Considered a further 632 applications at commercial credit committees, bringing the total since the SL to 3,805. 3,877. Considered a further 962 applications at residential credit committees, bringing the total since the SL to Continue to align with the Deal workstream to support the TSAs for the Wave 2 sales process. 17

18 Loan Management workstream Key actions/achievements The reconstituted credit committee continues to function to support the management of remaining loans. Credit committee activity for IBRC in SL can be summarised as follows: Following the Sand portfolio sale, the Loan Management team was reduced to 40 full time employees (from 80 previously reported) to support full service proposition of residential borrowers until the conclusion of the Pearl portfolio sale. Credit Committee activity: 20 May 2014 to 31 December 2014 Number of applications considered Commercial Credit Committee 632 Residential Credit Committee 962 Residential Credit Committee Appeals Board 8 Successful delivery of TSA services for 2 purchasers following the completion of the Sand portfolio sale. Successful migration of portfolios to 2 purchasers in the Sand sales portfolio. Letters were issued to borrowers inviting them to make representations to the SL on the Pearl portfolio sale. A dedicated KPMG team was established to deal with borrower queries. Ensured that all on going litigation and receivership cases continued to be managed. Continue to support the loan sale process including key customer communications for pre completion as well as developing full operating protocols for post completion period. Delivery of TSA services for 2 purchasers following the completion of the Pearl portfolio sale. Work remaining/key future actions Continue to manage the remaining loan book of c. 3.6 billion. This loan book contains a small number of connections which remain with IBRC primarily due to on-going litigation proceedings. Ensure that all loan sales are correctly recorded and reflected in the loan management files. Ensure successful management of the staggered loan sale completion process. Ensure TSAs entered into with purchasers are delivered by the loan management teams including management of purchasers meetings and queries. Continue to manage the remaining loan book and develop a plan to meet the loan management requirements throughout the final sales process. Continue to maintain compliance with regulatory requirements. Continue to manage remaining IBRC Loan Management staff throughout the remainder of the SL and ensure that sufficient skilled staff are retained to manage the remaining loan book. Manage the archiving of files and data to assist with the ultimate winding down of the SL. 18

19 Finance workstream

20 Finance workstream: key highlights Repayment of the NARL facility in October Management of IBRC finance team of 20 employees in Dublin. Closure of the London Finance function on 30 September Liquidity management of 1.85 billion. Preparation and submission of monthly updates and other ad hoc reports to DOF. Oversight of group rationalisation of 293 subsidiaries in 16 jurisdictions. Management of a further 24 financial interests in 24 companies in 6 jurisdictions. Manage hedging of Sterling and US dollar. Loan sale transfers completed and removed from the IBRC system. 20

21 Finance workstream Key actions/achievements The NARL facility was fully repaid in October Agreement and payment of 17.1 million of preferential creditors. Management of the IBRC finance team of 20 employees in Dublin. The London Finance function closed on 30 September Liquidity management of 1.85 billion. Loan sale transfers completed and removed from the IBRC system. Continue to provide liquidity and statistical returns on a monthly/quarterly basis for submission to the CBI. Continue to prepare and submit monthly updates and other ad hoc reports to DOF. Continue to manage the derivative valuation and settlement process of terminated trades. Continue to manage settlements involving closing out valuation differences, rights of set-off and guarantee claims. These derivatives were terminated by inter-bank counterparties following IBRC entering SL. The creditor adjudication process was initiated in September 2014, tailored to quantify and qualify unsecured creditors. Please refer to pages 23 to 25 for further details. Cash inflow and outflow summary Period to 6 m February 2015 Inflows Opening cash 241 Net customer loan and derivative receipts 13,936 Distributions from subsidiaries 930 Sale of bonds 777 NAMA funding 511 Fee income 60 Tax refund 30 Fixed and other asset sale 28 Other miscellaneous receipts 12 Total Inflows 16,525 Outflows NARL repayments (13,202) Settlement of hedging derivative contracts (316) NAMA repayment (512) CBI repayment (196) Administrative expenses (247) Liquidation fees (86) Liquidation legal fees (89) Other liquidation costs (30) Total outflows (14,678) Cash balance at 6 February ,847 21

22 Finance workstream (continued) Work remaining/key future actions Continue to review the monthly accounts for completeness and ensure that loan sales are correctly recorded. Continue to review and reassess the scope of financial reporting requirements as the loan sales progress and the scale and complexity of the remaining business reduces. Continue to review the bank accounts on a regular basis and sweep all available cash into the main SL bank accounts. Close bank accounts as the loan sale process concludes and accounts are no longer required. Continue to meet with the reconciliations team to ensure that outstanding items are cleared in a timely manner. Continue the approvals for payments via the various channels and amend processes as appropriate as the loans are sold. Continue to review the finance staffing requirement and backfill where necessary for critical roles. Continue to monitor the cash flows and ensure that excess monies are placed on deposit to maximise returns. Continue to review the liquidity and statistical returns with the CBI as the assets reduce and assess the necessity to continue to produce some/all of the returns. Continued management of hedging activities. Effect dividend payments to unsecured creditors and target Q for the first interim dividend. 22

23 Creditor adjudication process

24 Creditor adjudication process: key highlights The creditor adjudication process which began in September 2014, is tailored to quantify and qualify unsecured creditors. Letters have been sent to all known creditors. In addition to this, advertisements for claims have been placed in newspapers in Ireland, the UK and the US. A team was set up to adjudicate on claims with dedicated helpline and . Approximately 1,400 claims have been received to date. 1,010 claims are in the final stages of being accepted, rejected or disputed. 24

25 Creditor adjudication process: overview Workstream overview It was confirmed during mid 2014 that there would be a surplus available for distribution for unsecured creditors. Therefore, a creditor adjudication process was initiated. The creditor adjudication process is tailored to quantify and qualify unsecured creditors. Potential unsecured creditors must submit their claim along with supporting documentation before 31 March 2015 in respect of creditors in Ireland and the UK and by 31 May 2015 in respect of US creditors. Key actions/achievements Letters were sent to all known unsecured creditors of IBRC seeking claims. Advertisements were placed in newspapers in Ireland, the UK and the US. Slide A dedicated Title helpline and box was set up to deal with queries and accept supporting documentation. Slide Every claim Title submission is reviewed by the Unsecured Creditor team. Given the diversity in the nature of claims, the unsecured creditor team consult widely with relevant IBRC staff to get further information and confirmations necessary in relation to claims. IBRC systems are utilised to obtain any available background documentation in support of the claim. Employee files were reviewed and details of employee unsecured claims were agreed for admission as unsecured creditors. Time was expended on calling up and reviewing historic/closed IBRC files in order to obtain information where claimant correspondence /documentation submitted was incomplete. Work remaining/key future actions Continue to review of claims received to date, liaising with relevant IBRC staff members to obtain all relevant information. Receipt, log and timely review of new claims up to the deadlines outlined opposite. The SL s have finalized their view on the impact of a recent High Court decision regarding interest overcharging and whether arising from that judgment any similar type claims are properly a matter for IBRC or for other third parties. This work will be co-ordinated with the process for adjudicating unsecured creditor claims. Notification of acceptance of claims to creditors where claims have been agreed by the unsecured creditors review team. Notification of rejection of claims where entitlement cannot be proven or the figure claimed has not been substantiated by the claimant. Continue to contact claimants for further information to substantiate claims being considered for acceptance. Continue to deal with requests for information and other enquiries received into the unsecured creditors e mail address and on the helpline. Continue to liaise with ALG and other professional advisors as required for advice and assistance in correct adjudication of claims. Extraction of available information from the UK and ongoing review of UK claims with UK professional advisors and any other UK resources available. Continue to liaise with relevant state/governmental/regulatory bodies as appropriate in relation to claims. Liaising with directors of subsidiary companies in order to identify potential debts/unsecured claims for inclusion in unsecured claims process. Complete distribution to unsecured creditors when all other matters in relation to the special liquidation have been concluded. 25

26 Legal workstream

27 Legal workstream: key highlights On-going management of over 700 sets of legal proceedings. Approximately 27 new sets of proceedings noted since April 2014 significant reduction since Over 65 substitution applications on Stone portfolio. Defendant Litigation Case Management Team managing 260 cases taken against IBRC/INBS. Dealt with over 90 data access requests since April Investigation on conduct of directors complete and report submitted to the Office of the Director of Corporate Enforcement ( ODCE ). 27

28 Legal workstream: overview The legal workstream review and manage current litigation/legal cases taken by or against IBRC (in SL) There has been a significant reduction in the number of new proceedings noted since Approximately 27 new proceedings noted since April This fall off in new litigation by and against IBRC in SL has been expected. Significant reduction in new cases noted. New Proceedings Defendant Litigation The SLs have established the Defendant Litigation Case Management Team to exclusively manage 260 cases against IBRC/INBS. The SLs assess the merits of litigation cases being pursued and develop appropriate strategies taking into account the commercial benefit, legal costs, public interest considerations. The SLs are managing over 260 defendant litigation cases. IBRC in SL remains party to over 700 legal cases. The figure above does not take account of all Quinn related litigation; miscellaneous financial leasing litigation and US foreclosure proceedings to which IBRC currently remains a party. Ongoing management of over 700 legal cases. Data Access Requests Group Legal Staff Count Legal Independent Review Conduct of Directors The SLs have instructed Eugene F. Collins Solicitors to independently review legal advice previously provided regarding proceedings against former Directors of INBS. The SLs have also instructed BDO Accountants in London to carry out a peer review of KPMG s role. Independent review of legal advice and peer review. Data Access Request At April 2014, Group Legal staff count stood at 12. This comprised 10 solicitor qualified staff, 1 legal secretary and 1 paralegal. This has now reduced to 5 in order to manage the on-going litigation. The SLs have dealt with over 330 data access requests since appointment. 90 of those data access requests were dealt with since April The SLs carried out an investigation into the conduct of each of those persons who acted as directors of IBRC within the twelve months preceding 7 February The SLs submitted their report on the conduct of the directors of IBRC to the ODCE. Group Legal staff count reduced to 5. The SLs have dealt with over 90 data access requests since April 2014 The SLs investigated the conduct of the directors of IBRC and reported to ODCE. 28

29 Regulatory and Compliance workstream

30 Regulatory and Compliance workstream: Key highlights Agreement reached with the FCA to stand down their Section 166 investigation of IBRC with regards to the mis-selling of interest rate hedging products. Preparatory work on new corporate governance and delegated authority frameworks to support SMU on-going. Submission made to the CBI. Administration of the Investor Compensation Scheme. CBI permission to carry on with certain excluded activities to 31 March 2015 granted with a further request to carry on certain activities to 30 June 2015 submitted. Supervision of ongoing reporting obligations to CBI. Complied with Banking Inquiry Direction issued by the Joint Committee of Inquiry into the Banking Crisis. 30

31 Regulatory and Compliance workstream The SL of IBRC resulted in the CBI revoking its banking license. IBRC continues to operate with the consent, and under the supervision of the CBI. Key actions/achievements AML remediation of loan files continuing. Agreement reached with the FCA to stand down their Section 166 investigation of IBRC with regards to the mis-selling of interest rate hedging products. Preparatory work on new corporate governance and delegated authority frameworks to support SMU. Notification of intention to close UK branch issued and acknowledged by regulatory authorities. Investor Compensation Scheme claims submitted. Banking Inquiry Direction issued by the Joint Committee of Inquiry into the Banking Crisis (the JCBC ) : - The JCBC issued a Notice of Intention to Issue a Direction Order (the Direction ) to the SLs on 18 December The notice directed the SLs to provide certain information, outlined in 21 categories on or before 28 January Subsequently, an extension period was granted to 13 February 2015 to provide outstanding information that had not been delivered in the initial submission. - The SLs have sought to comply fully with the Direction on a best endeavours basis. Work remaining/key future actions Ensure that IBRC maintains its regulatory obligations until all assets have been sold. Application made to the CBI for permission to carry on with certain excluded activities to 30 June Liaise with CBI to agree appropriate regulatory and compliance framework for SMU. Conflicts of interest Conflicts of interest have been raised by a number of parties during the course of the SL. The SLs adopt policies and procedures which are utilised by KPMG in assessing and managing conflicts of interest. The SLs are confident that any conflicts of interest that have arisen have been appropriately managed and do not pose a threat to independence issues. This has been confirmed to DOF. 31

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