Michael Healy-Rae
Question:214. Deputy Michael Healy-Rae asked the Minister for Finance the minimum threshold amount he will allow a mortgage holder to buy back his or her mortgage from the bank (details supplied). [8186/14]
View answerTuesday, 18 February 2014
Questions (214)
Written answers
The Special Liquidators of IBRC have full control in relation to decisions concerning how the loans will be packaged for sale and what bidders constitute qualifying bidders for the purposes of the sales process. There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State.
The Special Liquidators have given significant consideration to and have sought independent advice from PwC in relation to how the residential mortgage portfolio is to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be sold in portfolios with a view to maximising market interest and return within the timelines set out in the Ministerial Instructions. I am advised that it is for this reason that the Special Liquidators have decided not to accept any bids from individual mortgage holders.
Neither I nor my officials had any role in the development or execution of the sales process plan for the residential mortgage book.