Oireachtas Joint and Select Committees
Wednesday, 26 February 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Sale of IBRC Mortgage Loan Book: Discussion
3:10 pm
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
Has any comfort been given to the potential buyer to ensure it has a contract with the mortgage holder in the event that a contract becomes unenforceable? Has the Department of Finance given any letters of comfort, indemnities or undertakings? Can there be any recourse if the mortgage is not enforceable? My last question is for the Department of Finance regarding Tanager. There are concerns about a conflict of interest. It is well publicised that directors of Tanager, which bought the loan book from Bank of Scotland, are partners of A&L Goodbody, which provided advice to Certus and which was involved in the outsourcing of the loan books. Is there any concern or are any red flags going off within Departments about directors of one company buying loans from Royal Bank of Scotland being partners in another company which provided advice to the bank to sell the loans? I know we are a small country, but are any red flags going off in the Department?
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