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IBRC Liquidation

Dáil Éireann Debate, Thursday - 3 October 2013

Thursday, 3 October 2013

Questions (28)

John McGuinness

Question:

28. Deputy John McGuinness asked the Minister for Finance if he remains committed to the current timeline for the liquidation of Irish Banking Resolution Corporation; and if he will make a statement on the matter. [41465/13]

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Written answers

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 under the IBRC Act 2013. The valuation process is on-going and I have been advised that at this point the Special Liquidators have commenced the formal sale process in relation to the sale of the first portfolio tranche of loans assets (called Evergreen) with indicative bids expected later on in October. In relation to the sale of the remaining portfolios, the Special Liquidators have been in communication at this stage with all borrowers and 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. The sales processes for the remaining assets are expected to commence in the near future.

I have been informed by the Special Liquidators that they fully expect to comply with the timelines set out by me, as Minister, namely that the valuation of IBRC’s loan 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.

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