Dáil Éireann Debate, Tuesday - 17 June 2014
160. Deputy Pearse Doherty asked the Minister for Finance to explain the position in respect of the rights of borrowers whose commercial loans at Irish Bank Resolution Corporation have been sold on to know the full details of the buyer of their loans. [25509/14]
View answerI have been advised by the Special Liquidators that it is the policy of the Special Liquidators of Irish Bank Resolution Corporation Limited (in Special Liquidation) to notify all commercial borrowers whose loans are sold as part of the liquidation of IBRC of the sale of their loan and the identity of the purchaser of that loan. This notification process takes the form of an initial written notification to borrowers when a contract for the sale of their loan(s) has been signed and a second written notice which is sent to borrowers after the sale of their loan(s) is formally completed.
In addition, the Special Liquidators also require purchasers to send separate written notifications to borrowers, such notifications to include the identity of the purchaser and contact details should borrowers have any queries in relation to the transfer. This process ensures the borrowers know who has purchased their loans and who to contact should borrowers have any additional questions in relation to either their loan(s) or the purchaser.
