IBRC Liquidation

Dáil Éireann Debate, Tuesday - 15 April 2014

Tuesday, 15 April 2014

Questions (178, 179)

Stephen Donnelly

Question:

178. Deputy Stephen S. Donnelly asked the Minister for Finance following the reported sale of €800 million of par value loans by the special liquidators of the Irish Bank Resolution Corporation to an entity linked to a person (details supplied), if will confirm that the sale price achieved for said loans represented the best price offered; and if he will confirm that the price offered by unsuccessful bidders was less than the price offered by the entity linked to the person concerned. [17562/14]

Stephen Donnelly

Question:

179. Deputy Stephen S. Donnelly asked the Minister for Finance the amount of debt that was forgiven by the special liquidators of the Irish Bank Resolution Corporation when it sold €800 million of par value loans linked to a person to an entity linked to a person (details supplied). [17563/14]

Written answers

Minister for Finance

I propose to take Questions Nos. 178 and 179 together.

I have been advised by the Special Liquidators that they are not in a position to comment on individual cases. However, it should be noted that the Special Liquidators are managing a sales process for the loans of IBRC with the objective of ensuring that maximum value is extracted from that process for the benefit of all the creditors of IBRC and they are not negotiating levels of debt with Borrowers.

The Special Liquidators have an obligation to ensure that the best possible price is achieved in the sale of loan portfolios to ensure that maximum value is obtained for all creditors of IBRC including the State. The Special Liquidators have informed me that they are confident that the robust and credible sales process which was implemented has achieved this.