Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

Deputy Donnelly is very knowledgeable and he knows how the liquidation process works. He also knows the risks to the taxpayer of an interference by the State in the liquidation process. It is easy to say "let us pause the sale". There are consequences to that which might arise from actions taken by other creditors, and other people involved in the IBRC liquidation process. One would have to be very careful and be very sure that there would not be an exposure to the taxpayer of any such intervention of that kind.

This process is not concluded. The special liquidator told the committee that there are two bidders. Arising from the concerns about the position of the mortgage holders, those bidders have given an undertaking that they will comply with the CCMA, as was the case in the sale of two previous loan books that occurred. The sales process is not complete, and I do not think it is wise to begin speculating about where the sales process will end up. We do not know. That is a matter for the special liquidator. As far as the Government is concerned, we want to see the mortgage holders protected here. If the purchaser does not meet the commitments and standards that we expect, then the Government is prepared to legislate and such legislation would apply not just in the case of the IBRC mortgage holders, but in the case of all mortgage holders. In any event, repossession cases would have to go before the courts and we know the approach the courts are taking, which is to expect that the terms of the CCMA are applied.

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