IBRC Liquidation

Dáil Éireann Debate, Thursday - 3 April 2014

Thursday, 3 April 2014

Ceisteanna (67)

Michael McGrath

Ceist:

67. Deputy Michael McGrath asked the Minister for Finance the position regarding the sale by the Irish Bank Resolution Corporation special liquidator of Project Sand; the number of parties who submitted final bids; when a final decision will be made on the sale of the mortgage book; the special liquidator's plans regarding the applicability of the code of conduct on mortgage arrears after the sale; and if he will make a statement on the matter. [15944/14]

Freagraí scríofa

Minister for Finance

I have been advised by the Special Liquidators that they have formally accepted bids from two buyers, namely Lone Star and Oaktree Capital Management LP, who have purchased 64% of the overall residential mortgage portfolio of IBRC between them. The remaining 36% is expected to transfer to the National Asset Management Agency (NAMA). It is expected that the sale will complete and full legal ownership of the loan(s) will transfer by June 2014. The Special liquidators will not be providing information as to the number of bidders that were informed as this is commercially sensitive information. As previously advised the purchasers that have acquired mortgage loans as part of Project Sand have agreed to service them in accordance with the terms of the Central Bank of Ireland Code of Conduct on Mortgage Arrears.