Dáil Éireann Debate, Wednesday - 16 July 2014
63. Deputy Pearse Doherty asked the Minister for Finance the value and number of commercial loan books that remain at Irish Bank Resolution Corporation, IBRC, and the value of the commercial loan books sold at IBRC. [31926/14]
Amharc ar fhreagra64. Deputy Pearse Doherty asked the Minister for Finance if the non-performing commercial loans at Irish Bank Resolution Corporation are to be sold, or have been sold, in a portfolio or portfolios; and if he will make a statement on the matter. [31927/14]
Amharc ar fhreagra65. Deputy Pearse Doherty asked the Minister for Finance if he will name the investment funds behind the purchaser of commercial loans at Irish Bank Resolution Corporation, including the investment fund behind Kenmare Property Finance which was set up only one day before the sale of a commercial loan book to it was agreed. [31928/14]
Amharc ar fhreagra66. Deputy Pearse Doherty asked the Minister for Finance the steps he is taking to ensure the commercial loans at Irish Bank Resolution Corporation are not being or will not be sold to vulture funds; and if he will make a statement on the matter. [31929/14]
Amharc ar fhreagraI propose to take Questions Nos. 63 to 66, inclusive, together.
I am advised by the Special Liquidators that a mixture of performing and non-performing commercial loans have been sold and they are in the process of devising and implementing a further sales process in respect of the unsold assets. I am advised that the information requested in relation to the value and number of loans sold/to be sold and the identity of the purchaser of the commercial loans specified is commercially sensitive and the Special Liquidators will not be providing that information. Full detail in relation to the sales processes concluded by the Special Liquidators to date are contained in the update report recently published on the Department of Finance website http://www.finance.gov.ie/news-centre/press-releases/progress-report-update-successful-special-liquidation-ibrc.
In relation to the steps taken around the sale of the commercial loan book, the Special Liquidators devised a sales process that allowed only Qualified Bidders to make bids for the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation). In order to be a Qualified Bidder the borrower/third party had to meet certain pre determined criteria. Loan assets were only sold to these Qualified Bidders if their bids were in excess of the independent valuations received and maximised the return for the creditors of IBRC including the Irish taxpayer.
