Bank Contracts

Dáil Éireann Debate, Tuesday - 23 October 2012

Tuesday, 23 October 2012

Questions (135, 136)

Gerry Adams

Question:

135. Deputy Gerry Adams asked the Minister for Finance if he will provide the tendering process that took place which resulted in UBS being awarded the contract to advise on €3 billion of corporate loans for Irish Bank Resolution Corporation; if he will confirm the total number of firms who tendered for the advisory role for IBRC; if he will confirm if a deadline has been put in place to sell these loans; and if he will make a statement on the matter. [45780/12]

Gerry Adams

Question:

136. Deputy Gerry Adams asked the Minister for Finance if he will detail the total fees to be paid to UBS for their advisory role for the €3 billion Irish Bank Resolution Corporation corporate loan book; if he will distinguish the difference between what UBS are advising on and the role Blackstone played in their advisory role with IBRC; if he will detail if UBS have a mandate to sell the €3 billion corporate loan book; and if he will make a statement on the matter. [45781/12]

Written answers

Minister for Finance

I propose to take Questions Nos. 135 and 136 together.

I have been advised that the Bank adheres to a structured procurement process for the appointment of all of its advisors. This procurement process is open, objective and transparent and is subject to the Bank’s governance processes including oversight through a regular reporting process by the Board of the Bank. The appointment of advisors in relation to the Bank’s corporate loan portfolio was conducted within this procurement process. The Board of the Bank has advised me that due to the commercial sensitivities associated with the work undertaken by these advisors and a risk that such disclosures may have a detrimental impact on the Bank’s efforts to maximize loan recoveries, they will not disclose the detail requested by the Deputy.