Michael McGrath (Cork South Central, Fianna Fail)
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Question 102: To ask the Minister for Finance if he is reassured that IBRC is using every possible opportunity, with particular regard to the review and renewal of loan agreements, to ensure the maximum security is put in place in respect of the debts of the bank's largest personal debtors; and if he will make a statement on the matter. [36271/12]

Michael Noonan (Limerick City, Fine Gael)
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IBRC have advised me that there is a rigorous credit review and approval process in place for personal debtors of IBRC. This process covers establishing the true financial position of a borrower via a sworn net worth statement and a formal request for a repayment plan to repay the debt as quickly as possible with the maximum recovery. This process also examines whether any unencumbered assets could be pledged to IBRC to enhance existing security and to provide additional repayment sources. IBRC endeavours to capture any surplus income from Debtors to aid overall recovery. IBRC have also advised me that they are committed to the maximum recovery under each loan facility as agreed under the commitments letter between IBRC and the EU in accordance with normal commercial practice and fiduciary duties.