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

Yes, but the liquidators are aware of this.

On the Deputy's other question, there are code names on the different tranches. Evergreen, the first one I was describing, has a face value of €2.5 billion. Some 84% of this is gone already and more of it will go. The second one has the code name Sand, which has €1.8 billion of residential mortgages. The special liquidators have given significant consideration to, and have sought independent advice from PwC in regard to how the residential mortgage portfolio and other loans are to be dealt with. Following that independent advice, the special liquidators have decided that the residential mortgage book will be split into four segments consisting of performing, non-performing, owner-occupier and buy-to-let mortgages. This was believed to be the best portfolio mix to maximise interest in the sales. The portfolio valuation was completed on 11 September and the sales process commenced on 14 October.

There is another tranche, which is called Rock and Salt, for some reason, and it has a total par value of €7.3 billion, which is huge. That is effectively the UK loan book, to the value of €7.3 billion. The valuations were completed on 11 September and the sales process commenced on 28 October. The last tranche has the code name Stone and Pebble, which is, again, a huge portfolio of €9.3 billion of commercial real estate. The Pebble portfolio consists of commercial loans of €800 million. The valuation was completed on 11 October and the sales process commenced in mid-November. Therefore, they are more or less on target, although they asked for a little extra time with one of the portfolios because they thought they would get a better price, and so, rather than selling before Christmas, they left it until the new year. However, the extensions in time I have given them are marginal and, to date, as far as I am concerned, they are doing a pretty good job of disposing of the assets at prices higher than the valuation process.

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