Bank Debt Restructuring

Dáil Éireann Debate, Tuesday - 12 February 2013

Tuesday, 12 February 2013

Ceisteanna (213)

Pearse Doherty

Ceist:

213. Deputy Pearse Doherty asked the Minister for Finance further to the statement by Permanent TSB, confirming that it was selling loans with a value net of provisions and writeoffs of €351m at February 2012, in return for consideration of €287m, if he will confirm the loss that was booked by PTSB on the transaction; if he will outline the process undertaken by PTSB to dispose of the assets in order to maximize the return on the transaction; and if he will provide a schedule of the recipients, fees, and costs incurred by PTSB on the transaction. [6631/13]

Freagraí scríofa

Minister for Finance

I am informed by Permanent TSB that the loss booked on disposal is subject to audit and will be published in the Bank’s Annual Report which is due to be published in March 2013. Permanent TSB advises that a competitive sales process was undertaken, facilitated by the Bank’s corporate finance advisors. The Bank has informed me that over 20 parties were initially invited to express their interest in acquiring the assets and that multiple bidders were maintained through each stage of the process. I have been informed by Permanent TSB that ultimately exclusivity was offered to the bidder whose offer maximised the return to the Bank. Permanent TSB informs me that the total fees payable to all advisors, for services provided over a 14 month period will be disclosed in the Annual Report.