Dáil Éireann Debate, Thursday - 10 April 2014
35. Deputy Pearse Doherty asked the Minister for Finance the number of persons to date that have been able to buy back their own mortgages from the Irish Bank Resolution Corporation during the special liquidation process; and if he will make a statement on the matter. [17018/14]
View answer36. Deputy Michael McGrath asked the Minister for Finance the number of Irish Bank Resolution Corporation residential mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17046/14]
View answer37. Deputy Michael McGrath asked the Minister for Finance the number of Irish Bank Resolution Corporation buy-to-let mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17047/14]
View answerI propose to take Questions Nos. 35 to 37, inclusive, together.
I am advised by the Special Liquidators that residential mortgage holders can redeem their loans at par at any time. I am further advised that between the 1st February 2013 (the Special Liquidators were appointed on 6 February 2013) and the 31st March 2014, approximately 600 mortgage accounts have been closed as a result of full redemption by these customers.
I have been advised by the Special Liquidators that 64% of the par value (€1.8bn) of the Sand Portfolio has been sold to third parties, equating to c. 6,200 loans. C. 4,500 of these loan accounts relate to a customer's Principal Dwelling House (PDH) and c. 1,700 of these loan accounts relate to buy to let mortgages. It is expected that the remaining loans (c. 6,500) comprising c. 6,200 PDH loan accounts and c.300 accounts relating to buy to lets, will transfer to NAMA at the independent valuation price. As the Deputy will be aware the Special Liquidators took the decision to sell the residential mortgage books as large portfolios as they were advised that this was a more efficient method of disposal and the one most likely to give best results in terms of the ultimate sales by the special liquidator, having regard to the public interest.
The Special Liquidators are unable at this stage to provide a breakdown of the number of accounts that are in arrears or that are expected to transfer to NAMA. However, they will be writing to residential mortgage holders shortly, to provide information on the outcome of the sales process and how it has affected their loan(s).
Further information for mortgage holders is also available on the IBRC website at - http://www.ibrc.ie.
