Thursday, 17 April 2014

Questions (71)

Michael McGrath

Question:

71. Deputy Michael McGrath asked the Minister for Finance if he will provide a detailed update on the special liquidation of Irish Bank Resolution Corporation, including the steps that have been taken to date by the special liquidator; the position on the transfer of loans from IBRC to the National Asset Management Agency; if any discount will be applied to the loans in their transfer to NAMA; and if he will make a statement on the matter. [18471/14]

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Written answers (Question to Finance)

The Special Liquidators are continuing with the orderly and efficient wind down of IBRC in accordance with the provisions of the IBRC Act, 2013 (the "Act") and instructions that have been provided to the Special Liquidators by me under the Act.

The sales process of the five largest loan portfolios of IBRC (in Special Liquidation), namely the Evergreen, Rock, Salt, Stone and Sand portfolios have now concluded. The sales process for these IBRC portfolios, including their segmentation to meet demand from international buyers, has delivered a very positive result with over 90% of the par value of IBRC s loan assets now sold within 14 months of the appointment of the Special Liquidators.

It is expected that the residual amount outstanding under the Facility Deed will be satisfied by the transfer to NAMA at the independent valuation price of loan assets that were not sold in the loan portfolio sales process.