IBRC Liquidation

Dáil Éireann Debate, Wednesday - 22 May 2013

Wednesday, 22 May 2013

Questions (73)

Pearse Doherty

Question:

73. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 193 of 14 may 2013, if he will confirm the restrictions that will be placed on Irish Bank Resolution Corporation borrowers who bid on their own loans after the window for 100% refinancing expires; if such borrowers will be prevented from acting in concert with third party bidders during the bid process as is the case with National Asset Management Agency borrowers; and if he will make a statement on the matter. [24690/13]

Written answers

Minister for Finance

I have been advised by the Special Liquidators that they have engaged specialist advisors who are to provide advice as to whether a loan should be sold individually or as part of a portfolio in order to ensure that maximum value is obtained for that asset within the instructed timeframe. The decision concerning how the loans will be packaged for sale is to be made by the Special Liquidators. Based on current information, it is envisaged that the majority of loans will be sold as part of portfolios. The Relevant Loan Assets (as part of a portfolio or as an individual loan whichever the case may be) will be put to the market and third parties will be given the opportunity to bid for these portfolios/individual loans as part of an open and transparent sales process. I have been informed by the Special Liquidators that borrowers and third party bidders, either on their own or together, may be permitted to bid for portfolios/loans. However, it is a matter for the Special Liquidators to determine what bidders constitute qualifying bidders for the purposes of the sales process.