Banking Sector Regulation

Dáil Éireann Debate, Wednesday - 2 July 2014

Wednesday, 2 July 2014

Questions (61)

Stephen Donnelly

Question:

61. Deputy Stephen S. Donnelly asked the Minister for Finance further to the sale by Bank of Ireland of its ICS Building Society loanbook to Dilosk Limited, if he will, as a substantial shareholder in Bank of Ireland, confirm the steps that have been taken to assess the suitability of Dilosk Limited to administer Irish mortgages; if the experience and background of the various directors and owners of Dilosk were examined by Bank of Ireland; and if he will make a statement on the matter. [28617/14]

Written answers

Minister for Finance

The Deputy will be aware that, although Bank of Ireland has recently announced it has agreed to sell the ICS distribution platform, together with €250m of mortgage loans, the completion of the sale is subject to the satisfaction of regulatory and other approvals. This regulatory approval requirement is standard for a transaction of this nature and would include the necessary due diligence relating to company operating capacity and suitability of officers. This transaction does not require my approval under the terms of the Relationship Framework Agreement.