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IBRC Mortgage Loan Book

Dáil Éireann Debate, Tuesday - 4 March 2014

Tuesday, 4 March 2014

Ceisteanna (58)

Lucinda Creighton

Ceist:

58. Deputy Lucinda Creighton asked the Minister for Finance further to the Irish Bank Resolution Corporation special liquidator's statement that PwC were the party responsible for conducting a review on the cost implications to the creditors of IBRC, if they sold Irish Nationwide Mortgages on an individual borrower basis to those who could afford to refinance the loan at the reserve value; if he will publish the PwC review; and if he will make a statement on the matter. [10874/14]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State. On the appointment of the Special Liquidators, I instructed them to arrange for the valuation of IBRC s loan assets by independent advisors and to ensure that the valuation of all loan assets was completed on or before 30 November 2013. In this respect, the Special Liquidators appointed PwC as independent advisors to value the residential mortgage portfolio.

PwC were also appointed to provide independent advice in developing a robust and credible sales strategy for the sale of the residential mortgage portfolio which would ensure that maximum value was obtained for all creditors of IBRC. The Special Liquidators were instructed to ensure that the sale of all Company loan assets was agreed or completed by no later than 31 December 2013 or as soon as practicable thereafter.

In view of the commercially sensitive nature of the material contained in the PwC report the Special Liquidators regret that they are not in a position to provide a copy or put it into the public domain.

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