Tommy Broughan (Dublin North East, Labour)
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Question 61: To ask the Minister for Finance the number of legal actions, and the purpose of each legal action, currently being undertaken by the new Irish Bank Resolution Corporation comprised of the former Anglo Irish Bank and Irish Nationwide Building Society in Ireland, the UK and the US; and if he will make a statement on the matter. [25481/11]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including legal proceedings in normal course. Notwithstanding this the bank has informed me that there are a significant number of legal proceedings in existence that have been initiated by and issued across the recently combined entity, including legal proceedings in Ireland, the UK, and the US. At present, there are approximately 800 sets of proceedings issued by the Bank, a large number of which relate to proceedings in connection with the former INBS residential mortgage portfolio. The remainder relate primarily to commercial and personal debt recovery and enforcement, and proceedings against solicitors for breach of undertakings.

The bank has emphasised, in relation to residential mortgage portfolio, that the number of proceedings represents a mix of primary residential and buy to let properties and that it is expected that only a small proportion of such cases will result in repossession. Many of these proceedings are ongoing for some time and there is a marked slowdown in the number of new proceedings since the introduction of the Code of Practice for Mortgage Lenders.