IBRC Loans

Dáil Éireann Debate, Tuesday - 7 October 2014

Tuesday, 7 October 2014

Ceisteanna (177)

Stephen Donnelly

Ceist:

177. Deputy Stephen S. Donnelly asked the Minister for Finance his views on potential conflicts of interest with the special liquidators of Irish Bank Resolution Corporation, IBRC, acting as receivers on loans foreclosed upon by buyers of loans from the corporation, as recently happened in the case of loans to a Dublin cleaning company (details supplied); and if any concerns are heightened by ongoing sale by the special liquidators of IBRC of approximately €2 billion of par-value loans. [37998/14]

Freagraí scríofa

Minister for Finance

Kieran Wallace and Eamonn Richardson were appointed by R3768723 Limited (a subsidiary of Alchemy Limited) as receivers and managers over Resource Facility Support Limited and not by any of the purchaser(s) of the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ).

I am advised by the Special Liquidators that they are satisfied that no conflict of interest arises and that they can perform objectively or otherwise without bias, given that on this occasion the purchaser(s) of the loan assets of IBRC had already sold on their loan to an independent third party.