Dáil Éireann Debate, Wednesday - 17 September 2014
212. Deputy Michael McGrath asked the Minister for Finance the position in relation to any unsold Irish Bank Resolution Corporation residential mortgages; if individual borrowers will be given the opportunity to bid for their loans; his views on this issue; and if he will make a statement on the matter. [33329/14]
View answerThe Special Liquidators are in the process of implementing a sale process for the remaining unsold Irish Bank Resolution Corporation residential mortgages. The sales process plan and timeline for the sale of the portfolio has been developed following professional advice and in light of requirements for a robust and credible sales process. The Special Liquidators have given significant consideration to and have sought independent advice in relation to how the unsold residential mortgages are to be dealt with.
Following that independent advice and the Borrower representations made, the Special Liquidators have decided that the unsold residential mortgage would be sold in two separate portfolios with a view to maximising market interest and return. This process is ongoing and the Special Liquidators have written to borrowers with unsold loans to inform them of the further sales process in respect of their loans.
As such, I am advised by the Special Liquidators that they will not be accepting any bids from individual mortgage holders, however mortgage holders are permitted to buy-out their mortgage at par value and that there are no legislative barriers for such Borrowers to do so.
