Dáil Éireann Debate, Wednesday - 29 February 2012
50 Deputy Gerry Adams asked the Minister for Finance the number of contracts signed by the Irish Bank Resolution Corporation, IBRC, to advise upon the sales of commercial loan books in 2011 and 2012; and the total cost to the bank of these contracts. [11791/12]
Amharc ar fhreagraAs indicated previously to the Deputy the Board of the bank is responsible for the day to day operation of the bank. The Board is also charged with responsibility to ensure the optimum return to the State from the work out of the IBRC loan book. Notwithstanding this, IBRC has informed me that the bank signed eight major contracts with core providers for advice relating to the sale of its commercial loan books in 2011 and 2012. These contacts have been signed with a wide range of advisors including strategic advisors, financial advisors and legal advisors across the Bank's geographies in the United States and the UK in order to ensure that the deal execution achieves the maximum recovery value for the Irish State. The majority of these been directly involved in the recently concluded successful sale of its multiple US loan portfolios. The value of these contracts is deemed by the Bank to be commercially sensitive information and the subject of non-disclosure agreements with these appointed firms.
