Dáil Éireann Debate, Tuesday - 27 November 2012
224. Deputy Pearse Doherty asked the Minister for Finance if he will provide an explanation for the contrast between practice at the National Asset Management Agency where salaries of their borrowers are closely monitored and practice at the Irish Bank Resolution Corporation where there is no such monitoring at all. [52448/12]
View answerThe overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State. I have been advised that the Bank seeks to work constructively and consensually with each borrower to identify the most appropriate approach available to it in order to maximise the repayment of the loan. The process followed in managing the recovery process is to assess fully all aspects of a borrower’s circumstances to establish the most appropriate repayment strategy. This assessment includes consideration of debt, asset, income/salary and lifestyle considerations. Agreements that are ultimately reached for agreed repayment plans are judged and enforced to provide the best commercial outcome for the shareholder.
In circumstances where consensual agreements cannot be reached the alternative of receivership, examinership or liquidation is pursued resulting in rigorous enforcement of all recovery options and rights.
