Gerry Adams (Louth, Sinn Fein)
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152. To ask the Minister for Finance further to a meeting of the Committee of Public Accounts of 7 March 2013 (details supplied) if he will give details of the liquidation process of Irish Bank Resolution Corporation and the participation of NAMA in the process; if he will clarify whether it is the case that NAMA is required to bid at the independent valuers valuation of the loan book if nobody pays more or whether it is the case that NAMA will bid higher than the independent valuers valuation even if there are third party bids at the independent valuers price if it is felt that more value for the State can be attained through winding the assets down or running them off in a longer period; and if he will make a statement on the matter. [19866/13]

Michael Noonan (Limerick City, Fine Gael)
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As was published by my Department in the Q&A document on the Promissory Note transaction on the 7th February last (http://www.finance.gov.ie/documents/publications/other/2013/qaupdate.pdf), third parties, including loan counterparties and other financial institutions, will be given the opportunity to bid for specific portfolios as part of an open and transparent sales process. If acceptable bids equal to or in excess of the independent valuation are not obtained, these portfolios will be sold to NAMA at the value determined by the independent valuation exercise until the IBRC debt to NAMA is repaid. NAMA will not offer a price in excess of this valuation in any case. This process will ensure that the long-term value of the assets is received and a fire sale of assets will not occur.

Gerry Adams (Louth, Sinn Fein)
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153. To ask the Minister for Finance further to a meeting of the Committee of Public Accounts of 7 March 2013 (details supplied) if he will confirm whether the NAMA input into the valuation methodology extends to who will be appointed as independent valuer; if he will confirm whether their input into the valuation methodology will relate to the value that NAMA sees in the assets by winding them down or running them off over a longer period; and if he will make a statement on the matter. [19867/13]

Michael Noonan (Limerick City, Fine Gael)
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The Special Liquidators have responsibility for the appointment of independent valuers to value the assets of IBRC and NAMA have no input into that appointment process. For the purposes of this valuation, loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the value or, where appropriate, in accordance with other standard loan valuation methodologies. The specific loan valuation methodology to be applied will be agreed between the Special Liquidators and the independent professional valuer appointed subject to any instruction or directions that I may issue pursuant to the IBRC Act 2013. NAMA have been consulted by both my officials and the Special Liquidators in relation to this process but do not have a direct role in the development of the valuation methodology.