Tuesday, 5 March 2013

Questions (160)

Pearse Doherty

Question:

160. Deputy Pearse Doherty asked the Minister for Finance if he will confirm that Irish Bank Resolution Corporation is this week, week ending 27 February 2013, writing to borrowers regarding the disposal of their loans, the process to be adopted by the special liquidator KPMG to ensure that any sale is transparent, that potential buyers have access to adequate information and sufficient time to arrange financing and that the interests of the taxpayer will in general be protected and the sale price maximised. [11344/13]

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Written answers (Question to Finance)

I am advised by the Special Liquidators that the reports in the Sunday newspaper referred to are incorrect. The Special Liquidators are still in the process of devising and implementing the sales process in respect of IBRC’s assets. Therefore, they are not in a position to write to borrowers with regard to the disposal of their loans. The Special Liquidators are in the process of obtaining suitable independent professional advisers who shall employ standard valuation methodologies appropriate to each class of asset of IBRC. Following that independent valuation process, the Special Liquidators will sell the assets of IBRC, which are subject to the floating charge. Borrowers, third parties and other financial institutions will be given the opportunity to bid for specific portfolios - or component parts thereof - as part of an open and transparent process at or above their independent valuation and failing that, the Special Liquidators will sell the assets to NAMA at their valuation price.