Tuesday, 12 March 2013

Questions (177)

Pearse Doherty

Question:

177. Deputy Pearse Doherty asked the Minister for Finance if he will provide an overview of what is involved in the valuation of the Irish Bank Resolution Corporation mortgage loan book; and if he will confirm the time required for the completion of an independent valuation. [12631/13]

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Written answers (Question to Finance)

As part of the role of the liquidators, the assets of IBRC will be valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. The Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets including the mortgage portfolio. I have been advised that the Special Liquidators are in the process of obtaining suitable independent professional advisors who shall employ standard valuation methodologies appropriate to each class of asset of IBRC.

The Special Liquidators anticipate having the valuations of the loan books completed by the end of June 2013.