IBRC Investigations

Wednesday, 28 November 2012

Questions (73)

Gerry Adams

Question:

73. Deputy Gerry Adams asked the Minister for Finance if further to Irish Bank Resolution Corporation’s appearance at the Oireachtas Committee on Finance, Public Expenditure and Reform on the 31 of October 2012, he will detail the percentage or portion of IBRC clients who are not co-operating with IBRC; if he will detail the total amount of rental income that is now directly mandated straight into IBRC as a percentage of total rental income from IBRC assets; and if he will make a statement on the matter. [53218/12]

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Written answers

Minister for Finance

The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. I have been advised that the underlying approach of the Bank is to work constructively with each borrower on an individual basis. IBRC does not disclose the numbers of clients who are/ are not cooperating with the Bank as this information is commercially sensitive. In addition, IBRC have informed me that it is not the Bank’s practice to separately disclose rental income received in relation to repossessed collateral. As per the 2011 Annual Report & Accounts, IBRC does however disclose that during 2011 the Bank repossessed collateral, consisting of land and property, equities and cash, of €40m on balances of €91m (2010: €52m on balances of €350m). It is the Bank’s policy to dispose of repossessed assets in an orderly fashion and the proceeds, together with any rental income received in the interim, are used to reduce or repay the outstanding balance.