IBRC Liquidation

Dáil Éireann Debate, Thursday - 21 February 2013

Thursday, 21 February 2013

Questions (91)

Gerry Adams

Question:

91. Deputy Gerry Adams asked the Minister for Finance if he will confirm that KPMG will not be responsible for brokering the disposal of Irish Bank Resolution Corporation assets; if he will further confirm that no former auditors of either Irish Nationwide or Angle Irish Bank shall be awarded contracts for either the valuations or disposal of IBRC assets; if he will further confirm that there shall be no off-market transactions on any of the remaining IBRC assets currently being worked through by the special liquidator and that all these assets shall be sold in an open and transparent process through the appointment of an independent broker; if he will further confirm the persons responsible for the sale of assets in advance of assets being transferred to the National Asset Management Agency, whether similar to NAMA these asset disposals will go towards some form of credit committee; the membership of such a committee; the membership of a such a committee; and if he will make a statement on the matter. [9513/13]

Written answers

Minister for Finance

Interested parties will be given the opportunity to bid for specific portfolios as part of an open and transparent process. I have been advised that the Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets and are therefore not in a position to comment on same at this time. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to the floating charge) to third parties at or above their independent valuation and failing that, the Special Liquidators will sell the assets to NAMA at their valuation price.