Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in relation to Irish Bank Resolution Corporation, the way the special liquidator will obtain independent valuations of IBRC’s loans; when such valuations will be undertaken and completed; the identity of the party or parties undertaking the valuation; the methodology to be used and the cost of the independent valuations. [9750/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by IBRC that request for proposals ("RFPs") have now been sent out to potential advisors in respect of the first tranche of assets for valuation. Successful applicants will be appointed to provide independent valuations for each loan or connection in the portfolios. This loan valuation process is expected to commence in early March and be completed by late June. As advisors are yet to be identified/engaged for all portfolios the special liquidators are not in a position to comment on the methodology to be used by the advisors and the cost of the independent valuations.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in relation to Irish Bank Resolution Corporation, the way the special liquidator will ensure all loan sales are conducted in an open and transparent fashion so that potential buyers will be able to obtain adequate information and have sufficient time to assemble financing and in general, the way the special liquidator will ensure that the sales price obtained represents the optimum value for the taxpayer. [9751/13]

Michael Noonan (Limerick City, Fine Gael)
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There is an obligation on the Special Liquidators to ensure that the assets of IBRC are sold at a price which maximises the overall return for all its creditors including the State. I am advised that the special liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets and are therefore not in a position to comment in detail at this time. However, it should be noted that there is an obligation on the special liquidators to ensure that assets of IBRC are sold at a price that is equal to or in excess of the independent valuations that are to be obtained and that this will be done in an open and transparent manner.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will outline any restrictions on activities of the former chief executive officer of Irish Bank Resolution Corporation during the period of the IBRC liquidation. [9753/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if the former chief executive officer of Irish Bank Resolution Corporation is precluded from advising potential buyers of IBRC assets during the period of the IBRC liquidation. [9754/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance the confidentiality restraints that apply to the former chief executive officer of Irish Bank Resolution Corporation. [9755/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 195 to 197, inclusive, together.

The special liquidators have confirmed that there are restrictive covenants and confidentiality provisions included in the employment contract of the former CEO of IBRC. The special liquidators have confirmed that the former CEO owes a common law duty of confidentiality that continues following the termination of his employment with IBRC, such that he is restricted from using confidential information obtained during the course of his employment to the detriment of IBRC.

In addition Ethic in Public Office Acts applies to former executives and other office holders in the IBRC including the former CEO. This Act requires that former office holders should act in a way which ensures an unfair advantage would not be conferred in a new appointment, by virtue of for example, access to official information the office holder previously enjoyed.