Dáil Éireann Debate, Tuesday - 23 April 2013
202. Deputy Pearse Doherty asked the Minister for Finance if he will confirm when he expects to know the valuation of the assets at Irish Bank Resolution Corporation by the special liquidator; and the way any shortfall in the value of IBRC’s assets compared with the NAMA bonds issued for IBRC assets be dealt with in the Exchequer Statement in 2013. [18456/13]
View answerI have been advised that independent third parties are being engaged to value the loan assets of IBRC (in Special Liquidation). There is an obligation on the Special Liquidators to ensure that assets of IBRC are sold at a price that is equal to or in excess of the independent valuations that are being obtained. The Special Liquidators have indicated that these valuations will be confidential. A process is currently being finalised that ensures that maximum value is extracted from the loan sales. The Special Liquidators are unable to comment at this time as to when this work is expected to be completed. Should a bid not be received that is equal to or in excess of the independent valuation obtained, the loan will transfer to NAMA at the independent valuation price. The shortfall in the value of IBRC's assets compared with the NAMA bonds, if any, will not be known, with any certainty, until the independent valuation and asset sale process has completed. If the value of the assets is insufficient to covers amounts due to NAMA then that shortfall will be compensated by the Exchequer.
