Dáil Éireann Debate, Tuesday - 27 May 2014
151. Deputy Dan Neville asked the Minister for Finance if the performing mortgages which were with Irish Nationwide and now with the Irish Bank Resolution Corporation will be put into the National Asset Management Agency; and if he will make a statement on the matter. [23089/14]
View answerI have been advised by the Special Liquidators that 64% of the residential mortgage portfolio of Irish Bank Resolution Corporation Limited (in Special Liquidation) have been sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P. A mixture of performing and non-performing loans were sold.
The Special Liquidators confirm that NAMA will not now be obliged to purchase the unsold residential mortgages at their independent valuation as previously envisaged. The Special Liquidators will now devise and manage a further sale process in respect of these unsold assets in a manner that maximises the return to all remaining creditors of IBRC, including the State.
