Dáil Éireann Debate, Thursday - 14 December 2017
113. Deputy Michael McGrath asked the Minister for Finance the number and overall value of IBRC private dwelling house, PDH, residential mortgages sold by the special liquidator; the details of each transaction including the identity of the purchaser; the number and overall value of PDH residential mortgages held by IBRC; and if he will make a statement on the matter. [53778/17]
View answer114. Deputy Michael McGrath asked the Minister for Finance the number and overall value of IBRC buy-to-let mortgages sold by the special liquidator; the details of each transaction including the identity of the purchaser; the number and overall value of BTL mortgages held by IBRC; and if he will make a statement on the matter. [53779/17]
View answerI propose to take Questions Nos. 113 and 114 together.
As the Deputy is aware, for operational reasons the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) (“IBRC”) were divided into eight portfolios: Evergreen, Rock, Salt, Sand/Pearl, Stone, Pebble, Quartz and Amber.
The Sand portfolio originally comprised 12,702 Irish originated residential mortgages with a par value of €1.8bn, most of which had transferred from Irish Nationwide Building Society. In the first sales process, 64% of the Sand portfolio was sold to two buyers, namely Shoreline Residential Limited and Mars Capital Ireland Limited.
Subsequently, the remaining 36% of the unsold residential mortgages from Project Sand were sold as two further sales tranches, Project Pearl Tranche 1 and Project Pearl Tranche 2. The first of these tranches? was sold to The Governor and Company of the Bank of Ireland and the second tranche was sold to Mars Capital No. 3 Limited and Mars Capital No. 4 Limited.
PDH mortgages accounted for 83% of the IBRC mortgages sold in the special liquidation with BTL mortgages accounting for 17%.
