Tuesday, 25 June 2013

Questions (211)

Pearse Doherty


211. Deputy Pearse Doherty asked the Minister for Finance when he expects unsold loans at Irish Bank Resolution Corporation to be transferred to the National Asset Management Agency; and if the expected date of transferal of August 2013 has now moved to late in the year, or next year. [30480/13]

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Written answers (Question to Finance)

The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act and instructions that have been provided to the Special Liquidators by me, as Minister, under the IBRC Act 2013. I have been informed by the Special Liquidators that they expect to meet the timelines set out, namely that the valuation of IBRC’s loans assets be completed by 30 November 2013 and that the sale of IBRC assets be completed by 31 December 2013 or as soon as practicable thereafter.

The valuation process is ongoing and I have been advised that at this point that the Special Liquidators have not finalised plans in relation to the sale of IBRC loans assets. The Special Liquidators are taking professional advice on the appropriate method of disposing of loan assets and on the appropriate criteria for determining who should qualify to bid for loan assets.

Should the assets not be sold to a qualified bidder at a price that is equal to or in excess of the valuation price then the asset/portfolio will transfer to NAMA.