Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if he will provide the tendering process that took place which resulted in UBS being awarded the contract to advise on €3 billion of corporate loans for Irish Bank Resolution Corporation; if he will confirm the total number of firms who tendered for the advisory role for IBRC; if he will confirm if a deadline has been put in place to sell these loans; and if he will make a statement on the matter. [45780/12]

Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if he will detail the total fees to be paid to UBS for their advisory role for the €3 billion Irish Bank Resolution Corporation corporate loan book; if he will distinguish the difference between what UBS are advising on and the role Blackstone played in their advisory role with IBRC; if he will detail if UBS have a mandate to sell the €3 billion corporate loan book; and if he will make a statement on the matter. [45781/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 135 and 136 together.

I have been advised that the Bank adheres to a structured procurement process for the appointment of all of its advisors. This procurement process is open, objective and transparent and is subject to the Bank’s governance processes including oversight through a regular reporting process by the Board of the Bank. The appointment of advisors in relation to the Bank’s corporate loan portfolio was conducted within this procurement process. The Board of the Bank has advised me that due to the commercial sensitivities associated with the work undertaken by these advisors and a risk that such disclosures may have a detrimental impact on the Bank’s efforts to maximize loan recoveries, they will not disclose the detail requested by the Deputy.

Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if Blackstone in their advisory role for Irish Bank Resolution Corporation advised IBRC on the €3 billion corporate loan book that UBS has now been given a mandate to advise on; if he will confirm if in view of Blackstone's advisory role for IRBC they are precluded from bidding for the €3 billion corporate loan book; and if he will make a statement on the matter. [45782/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been advised that the ‘strategic advisory arm’ of Blackstone was retained by the Bank in December 2011 to advise on a range of strategic matters including, but not limited to, the structure of the Bank’s balance sheet. Blackstone’s remit included a focus on the Bank’s aggregate, but not specific, portfolio of loans. As already advised, the ‘investment arm’ of the Blackstone Group, which has been validated as independent of the ‘strategic advisory arm’ of the Group, is not precluded from participating in any future loan book sales processes which IBRC may engage in.