Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

IBRC was liquidated by a special liquidator who was empowered to do so by special legislation that was brought through the Houses of the Oireachtas and the liquidator acted in accordance with that legislation. His primary mandate was to realise the best possible price for the assets he was disposing in the interests of the State and of the Irish taxpayer.

In that context, he made a decision to sell loan books rather than individual loans. That is the advice he got, I understand, from the document that Deputy Donnelly has referred to, and in doing so he succeeded in having a successful sale from the liquidator's perspective. He did not infringe on the rights of any mortgage holder. They have not been disadvantaged in any way by the transfer of their loans to a different owner. He also got assurances from both Lone Star and Oaktree that the protocols that have been put in place by the Central Bank for relationships between lenders and mortgage holders would be honoured.

I stated yesterday here in the House that we are preparing legislation to give a legislative base to that. I have sent the heads of the Bill to the Central Bank. I was not in a position to discuss the heads yesterday here in the House because they have not yet been legally proofed by the Attorney General's office, but I intend to have an ongoing dialogue in the finance committee and I will report progress on putting the statutory base under the formal commitments that have been given by the loan book purchasers.

See this speech in context