I propose to take Questions Nos. 144 to 146, inclusive, together.
I have been advised by the Special Liquidators that all contractual arrangements entered into by Irish Bank Resolution Corporation Limited prior to the appointment of the Special Liquidators remain in place and all debts owing to IBRC Limited (in Special Liquidation) remain due and enforceable.
The Special Liquidators confirm that all Borrowers can re- finance their borrowings at par with other lending institutions. The Special Liquidators confirm that the residential mortgage customers of IBRC Limited (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law.
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. The Special Liquidators have begun writing to all IBRC borrowers to update them on the sale of their IBRC Loans and Collateral Obligations. Borrowers are also being provided with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. Decisions concerning the sale and disposal of loan assets are a matter for the Special Liquidators and I have no role in the process.
Should a bid not be received by a qualified bidder that is equal to or in excess of the Valuation Price, then the asset/portfolio will transfer to NAMA. The valuation of all IBRC assets is to be completed by 30 November 2013 and the sale of all IBRC assets agreed or completed by no later than 31 December 2013 or as soon as practicable thereafter.