Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the statement by Permanent TSB in November 2012 confirming that it was selling loans with a value net of provisions and write-offs of €351m at February 2012, if he will identify the beneficial buyer of these loans. [6630/13]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by Permanent TSB that the majority of the loan assets of Permanent TSB Finance Limited and the entire loan assets of Blue Cube Personal Loans Limited were sold to Consumer Auto Receivables Finance Limited in late 2012. In addition, a small portfolio of largely corporate loans was sold by Permanent TSB Finance Limited to a third party global bank. I am informed by Permanent TSB that the terms of the sale preclude it from providing additional information without the consent of the other parties.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the statement by Permanent TSB, confirming that it was selling loans with a value net of provisions and writeoffs of €351m at February 2012, in return for consideration of €287m, if he will confirm the loss that was booked by PTSB on the transaction; if he will outline the process undertaken by PTSB to dispose of the assets in order to maximize the return on the transaction; and if he will provide a schedule of the recipients, fees, and costs incurred by PTSB on the transaction. [6631/13]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by Permanent TSB that the loss booked on disposal is subject to audit and will be published in the Bank’s Annual Report which is due to be published in March 2013. Permanent TSB advises that a competitive sales process was undertaken, facilitated by the Bank’s corporate finance advisors. The Bank has informed me that over 20 parties were initially invited to express their interest in acquiring the assets and that multiple bidders were maintained through each stage of the process. I have been informed by Permanent TSB that ultimately exclusivity was offered to the bidder whose offer maximised the return to the Bank. Permanent TSB informs me that the total fees payable to all advisors, for services provided over a 14 month period will be disclosed in the Annual Report.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the statement by Permanent TSB, confirming that it was selling two operating units to management for nominal consideration, if he will provide an outline of the valuations undertaken by PTSB of the two units so as to ensure the sale price was adequate; if he will provide the sales, operating profit, impairments and net profit after tax for the two units for each of the past five years; and if he will further provide the balance sheet for each of the units at 31 December 2011. [6632/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by Permanent TSB that the sale price achieved after a detailed process was recommended by the financial advisers and approved by the Boards of Permanent TSB Finance and Permanent TSB. I am informed by Permanent TSB that the remaining information sought is commercially sensitive. Permanent TSB advises that the financial impact of the sale will be reflected in the Annual Report due to be published in March of this year.