Wednesday, 2 July 2014

Questions (58)

Pearse Doherty

Question:

58. Deputy Pearse Doherty asked the Minister for Finance if the sale of ICS loans to Dilosk Ltd. includes the entire ICS loan book; if it includes the entire mortgage platform; if the value of the total transfers from ICS will match the assessment of the value he gave Dáil Éireann during recent debates of €1 billion. [28608/14]

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Written answers (Question to Finance)

I can confirm for the Deputy that Bank of Ireland has agreed to sell a portion of the ICS loan book to the value of €250m to Dilosk Limited. The entire ICS loan book is c€6bn.

In addition, Bank of Ireland has agreed to sell the ICS distribution platform to Dilosk Limited. The distribution platform includes the ICS brand, the broker contacts and contracts, and the IT system.

I indicated in the Dail recently that Bank of Ireland had committed to the sale of up to €1bn of mortgages, at  the option of the acquirer of the distribution platform. The agreement to sell €250m of mortgages is within this range.