Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

Mr. Richardson referred to the six loan portfolios in his opening statement.

A constituent of mine has a performing loan with the IBRC and has been advised that they are in Project Stone. What stage is the sales process in respect of Project Stone at? Are there preferred bidders for the portfolio? What is the likely time frame for completion of the portfolio? In the event that loans in Project Stone could not be sold, could the liquidators re-engage with the borrowers who previously expressed an interest in buying their loans where these borrowers are in a position to make fully funded bids within a set time frame prior to the transfer of these loans to NAMA?

I welcome the fact that the preferred bidders for the residential mortgages with IBRC have agreed to be bound by the Central Bank code of conduct on mortgage arrears. Can Mr. Richardson confirm that all the preferred bidders for the commercial loans will also agree to be bound by the code of conduct for business lending to small and medium-sized enterprises as issued by the Central Bank? What protection will be afforded to borrowers with residential investment properties?