Dáil Éireann Debate, Tuesday - 16 June 2015
274. Deputy Clare Daly asked the Minister for Finance his views on whether there was a conflict of interest where some former directors of the Irish Bank Resolution Corporation became directors of companies (details supplied) which handled mortgages sold by the corporation to another company (details supplied); and if he will make a statement on the matter. [23847/15]
View answerIn relation to the perceived conflict of interest highlighted by the Deputy, I am unable to comment on the directorships of third party purchasers of loan assets. However, I can confirm that the Special Liquidators devised and ran a competitive sales process, following the receipt of independent advice, for all loan assets of IBRC which they have sold.
The SLs appointed PwC as independent advisors to value the residential mortgage portfolio and to provide advice in developing a strategy for the sale of the residential mortgage portfolio which would ensure that maximum value was obtained for all creditors of IBRC. Per my instruction, the assets of IBRC could only be sold at a price equal to or in excess of the independent valuations obtained.
