Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance in view of the fact that he is the sole shareholder in 100% of the shares in the Irish Bank Resolution Corporation, if IBRC allows defaulting debtors to buy back assets; if he will provide an assessment of the losses that IBRC would potentially incur if it were to prohibit the sale of assets such as loans and underlying security such as real estate property, to defaulting debtors. [3727/13]

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

I have been advised that it is not possible to compile the type of information requested by the Deputy. The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. It is Bank policy that the execution of any asset or loan disposals is conducted on a competitive open market basis and in accordance with prevailing market norms for the asset class and jurisdiction. An impartial process is assured through the appointment of independent professional agents or brokers to conduct the sales process. I have been informed that the vast majority of asset and loan disposals are transacted with independent third parties. Any sale that does involve a bid from a connected party to the original borrower or to party with an existing equity interest is subject to elevated and multi-faceted governance approval processes. In all cases, the clear objective is to achieve the highest possible recovery.