Dáil Éireann Debate, Thursday - 21 July 2016
127. Deputy Stephen S. Donnelly asked the Minister for Finance the assurances given by him and or his Department, in writing, electronic or other, in person, or in any other way, to the bidders and purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity on the establishment of section 110 companies to purchase and or manage the loans; and if he will make a statement on the matter. [23916/16]
View answer129. Deputy Stephen S. Donnelly asked the Minister for Finance the assurances given by IBRC or any entity or person involved in the liquidation of IBRC, in writing, electronic or other, in person, or in any other way, to the bidders and or purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity, on the establishment of section 110 companies to purchase and or manage the loans; and if he will make a statement on the matter. [23918/16]
View answer130. Deputy Stephen S. Donnelly asked the Minister for Finance the assurances given by any State agency or official, in writing, electronic or other, in person, or in any other way, to the bidders and or purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity, on the establishment of section 110 companies to purchase and or manage the loans; and if he will make a statement on the matter. [23919/16]
View answer131. Deputy Stephen S. Donnelly asked the Minister for Finance the assurances given by him and or his Department, and or any State agency or official, in writing, electronic or other, in person, or in any other way, to the bidders and or purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity, on the offshoring of profits by those companies; and if he will make a statement on the matter. [23920/16]
View answerI propose to take Questions Nos. 127 and 129 to 131, inclusive, together.
I or my Department did not give assurances in any form to the bidders and purchasers of any distressed debt loan books sold by NAMA, IBRC, or any other entity in relation to the offshoring of profits by such companies or the establishment of section 110 companies to purchase and or manage the loans. Furthermore I am not aware of any other state agency or official giving such assurances.
The Special Liquidators of IBRC devised and ran a competitive sales process, following the receipt of independent advice, for all loan assets of IBRC which they have sold. I had no role in this process and would therefore be unaware of potential bidders during the sales process or how these potential bidders were structured as a company
I understand that Officials from the Department of Finance and the Revenue Commissioners are currently examining coverage concerning the use of certain vehicles for property investments. Should these investigations uncover tax avoidance schemes or abuse, which erodes the tax base and causes reputational issues for the State, then appropriate action will be taken and any necessary legislative changes that may be required will be put forward for my consideration.
