Tuesday, 13 May 2014

Questions (168)

Clare Daly

Question:

168. Deputy Clare Daly asked the Minister for Finance the position regarding the Irish Bank Resolution Corporation loans that were not bought by the American companies; the way loans were selected for sale; and if they will transfer to the National Assets Management Agency. [20932/14]

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Written answers (Question to Finance)

The Special Liquidators confirm that 64% of the residential mortgage portfolio was sold to Shoreline Residential Limited, an indirect affiliate of Lone Star Fund VIII and to Mars Capital Ireland Limited funded through funds managed by Oaktree Capital Management LP. I have been advised by the Special Liquidators that they are unable to comment on how the loans were selected for sale as this is commercially sensitive information.

NAMA will not now be obliged to purchase unsold IBRC assets at their independent valuation as previously envisaged. The Special Liquidators will now devise and manage a further sales process in respect of these unsold assets in a manner that maximises the return to all remaining creditors of IBRC, including the State.