Joan Burton (Dublin West, Labour) | Oireachtas source

Special liquidators have been appointed to oversee the liquidation of the IBRC. This is in law for the benefit of all the creditors of the institution, including the State. The special liquidators, as with any liquidator, must maximise the return, and to do otherwise would leave it open to legal challenge. The process involves the special liquidators conducting a valuation and sale process for all the assets of the IBRC, including the residential mortgage portfolio. They are obliged to ensure they maximise the price obtained.

I understand and respect the Deputy's concern for the people who have mortgages with the institution. A number of such sales have been carried out and quite a number of Deputies have asked this question of the Taoiseach and the Minister for Finance. In those cases a number of the purchasers, although they are outside the State, have adhered to the code of conduct and the guidelines set down by the Central Bank.

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