Dáil Éireann Debate, Tuesday - 18 February 2014
209. Deputy Stephen S. Donnelly asked the Minister for Finance if a date has been set by the special liquidator for the sale of the Irish Bank Resolution Corporation residential mortgage book, or any parts thereof; and if he will make a statement on the matter. [8168/14]
View answer210. Deputy Stephen S. Donnelly asked the Minister for Finance if discussions are under way with potential buyers of the Irish Bank Resolution Corporation residential mortgage book; and if he will make a statement on the matter. [8169/14]
View answer237. Deputy Michael McGrath asked the Minister for Finance in respect of the mortgage book of the Irish Bank Resolution Corporation which is in special liquidation, if he will confirm the date the mortgage book was put on the market by the special liquidators; if he will provide the details of the way the mortgage book was divided for the purposes of the sale; the overall value of the mortgage book; the deadline by which bids for the mortgage book had to be submitted; the current status of the sales process; if any problems have been identified with the supporting documentation underpinning the loans; when a decision on any sale will be made; and if he will make a statement on the matter. [8290/14]
View answerI propose to take Questions Nos. 209, 210 and 237 together.
I am advised by the Special Liquidators that the residential mortgage portfolio of IBRC has a par value of €1.8 billion. The sales process for the residential mortgage portfolio commenced in October 2013 and following receipt of indicative bids late last year, a reduced number of bidders were progressed to Phase 2 of the sales process which launched on 29 November 2013. The Special Liquidators expect to finalise the sale of these loans in March 2014.
The Special Liquidators are obliged to ensure that maximum value is obtained from the loan sales process. In order to fulfil this obligation the Special Liquidators have given significant consideration to and have sought independent advice in relation to how the residential mortgage portfolio and other loans in the Bank are to be dealt with. Following this advice, the residential mortgage portfolio was sub-divided into four tranches to ensure that maximum value is derived for the loan assets in the timeline set out by the Minister. The valuation process for this portfolio was completed on 11 September 2013 and the sales process commenced on 14 October 2013.
