Written answers

Tuesday, 13 November 2012

Department of Finance

Irish Bank Resolution Corporation

Photo of Gerry AdamsGerry Adams (Louth, Sinn Fein)
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To ask the Minister for Finance further to Parliamentary Question No. 135 on 23 October 2012, if he will confirm if the awarding of the loan sale advisory contract to UBS by Irish Bank Resolution Corporation under the banks structured procurement process followed the same tendering process as referred to in the answer to Parliamentary Question No. 133 of 23 October, 2012 including where a request for quotation was published on Official Journal of the European Union; if he will confirm if this was not the same tendering process for the appointment of UBS; the reason IBRC adopted a different tendering process for the awarding of the contract to UBS; if he will confirm the number of competing bidders against UBS for the contract with IBRC; and if he will make a statement on the matter. [49803/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I have been advised that IBRC cannot disclose details regarding individual appointments of advisors relating to any commercially sensitive areas of activity such as the ongoing analysis, sale or recovery of individual loans or loan portfolios. The Bank adheres to a structured procurement process for the appointment of all 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 main Board of the Bank. I have been advised that with regards to the appointment of this particular advisor, a request for quotation was not published on the Official Journal of the European Union as the public disclosure of appointments of this nature could have a negative impact on the Bank’s efforts to maximize loan recoveries. The Bank can confirm however that IBRC’s procurement policy was adhered to.

Photo of Gerry AdamsGerry Adams (Louth, Sinn Fein)
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To ask the Minister for Finance further to Parliamentary Question No. 138 of 23 October 2012, if he will confirm irrespective of his statement that the secondment of a person (details supplied) into Irish Bank Resolution Corporation should not be adversely inferred as a lack of confidence by him in the management or board of the bank; if it is the case that he retains confidence in the management and the board of IBRC; and if he will make a statement on the matter. [49804/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I can confirm that the appointment of this person to IBRC does not in any way reflect a lack of confidence by me in the management or board of the bank. The appointment has proved to be very beneficial for both IBRC and my Department by improving communication between the organisations. I am fully confident in the management and the board of IBRC and I am satisfied that the new appointment is a positive step in the continuing goal of winding down IBRC and maximising the eventual return to the taxpayer.

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