Tuesday, 19 February 2013

Questions (256)

Gerry Adams

Question:

256. Deputy Gerry Adams asked the Minister for Finance if the National Assets Managment Agency will or has already acquired the Exceptional Liquidity Assistance Master Loan Repurchase Agreement from the Central Bank of Ireland and therefore the loan assets assigned as collateral under the MLRA facility with Irish Bank Resolution Corporation which in June 2012 amounted to €5.9 billion; if he will confirm if NAMA has not acquired the Exceptional Liquidity Assistance Master Loan Repurchase Agreement from the Central Bank of Ireland whether the Central Bank of Ireland is now the owner of these loan assets assigned as collateral; and if he will make a statement on the matter. [8285/13]

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Written answers (Question to Finance)

The Minister for Finance in a Direction issued to NAMA pursuant to Section 13 (1) of the Irish Bank Resolution Corporation Act 2013 on 7th February required it to enter into a Deed of Assignment and Transfer with the Central Bank of Ireland on or about the 22nd February 2013. The intention is that NAMA will execute the Deed of Assignment and Transfer during the week beginning 18th February 2013. However, at the time of the IBRC liquidation the funding agreements in place between IBRC and the Central Bank of Ireland with respect to ELA consisted of the Special Master Loan Repurchase Agreement and the Facility Deed. There was no funding advanced to IBRC under the Master Loan Repurchase Agreement when IBRC was liquidated.