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Dail Question regarding IBRC and loan facilities – 17th October 2013

Dáil Question No: 70

To ask the Minister for Finance the reason persons who wish to buy back their loans from the liquidated Irish Bank Resolution Corporation have been told that they cannot avail of this facility despite it being made available to other loan owners such as corporate entities; and if he will make a statement on the matter. – Anthony Lawlor.

For WRITTEN answer on Thursday, 17th October, 2013.

Ref No: 43928/13

REPLY

Answered by Minister for Finance Michael Noonan

It is important to note that that the contractual terms and conditions of customer mortgages and other borrowings have not changed as a result of the appointment of the Special Liquidators to IBRC nor will they change as a result of the ultimate sale of these obligations to a third party.

The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio and other loans in IBRC are to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be split into four segments consisting of performing, non-performing, owner occupier and buy to let mortgages with a view to maximising market interest.

I am advised by the Special Liquidators that the decision to offer the residential mortgage book for sale in this way was arrived at having regard to the scale of the process and size of the IBRC loan book. Furthermore the Special Liquidators have confirmed that the decision to sell these loans as part of a portfolio is the most efficient method of disposal and the one which is most likely to maximise ultimate sales realisations for the Special Liquidators having regard to the public interest.

ENDS