Dáil Éireann Debate, Thursday - 7 May 2015
33. Deputy Ruth Coppinger asked the Minister for Finance if he will report on the consultations between his Department and the Irish Bank Resolution Corporation on the sale of corporation’s United States of America loan book; if he will report on the loss to the Exchequer from the sale of the loan book; and if he will make a statement on the matter. [17572/15]
Amharc ar fhreagraI can confirm that there were various discussions between my Department and IBRC in relation to the disposal of IBRC's US loan book and I was kept informed of the progress being made on this matter. The disposal of Anglo's US loan portfolio is a reserved matter which required my consent under the relationship framework which was in place at that time. On 25 August 2011, I gave my consent for the disposal of IBRC's US loan book subject to a number of conditions including the securing of a minimum price, maximising value for the shareholder, that IBRC conduct a fair and transparent process and that IBRC continued to cooperate with the Department of Finance.
It was the fiduciary responsibility of the IBRC Board that the process achieved the objective of maximising value for the shareholder. As part of this responsibility the Board would have evaluated and weighed any loss to IBRC on the sale of an asset against the potential loss from continuing to hold the asset.
I am advised by the Special Liquidators of IBRC that this transaction will form part of the review in which I have directed them to undertake.
