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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Have any of the sales made to date been completed at a price significantly higher than the independent valuation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: How many of the loans will end up moving to NAMA?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: That would be just short of 30% of the loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: How much was anticipated to move to NAMA at the start of the process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: What was the level?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: On what date did the independent loan valuations take place?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: When were the other valuations completed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Could one make the case that the independent valuations were too low and the buyers are getting bargains, given that 80% of the loans will be sold on the open market and 20% are expected to move to NAMA?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: I hope the margin will be above the independent valuation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Will Ms Nolan give the background to the reluctance, prior to the sale, to amend the legislation to require the buyer to comply with the code of conduct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: What is Ms Nolan's position on the possibility of introducing a general change applicable to everyone prior to the completion of this sale? Ultimately, this relates to people's lives.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Did PwC give a recommendation or was it on the basis of the administrative procedures, which have been referred to as rather cumbersome, rather than a financial assessment in respect of mortgage holders being able to purchase their own mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: On what grounds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Was it non-financial?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Did PwC provide hard figures to state why it was recommending that? Mr. Wallace is basing the recommendation all the time on the requirement to get the best return. Did PwC use criteria as part of the recommendation to the effect that the liquidators should get the best financial return by not allowing individuals to bid for their mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Did PwC back that up empirically?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Is there a loan limit?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Just a tiny-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: It is just a tiny addendum.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: It is very short.

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