Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance following the Irish Bank Resolution Corporation Act and the appointment of a special liquidator to resolve IBRC's balance sheets, the way the liquidator will deal with outstanding loans to the company; the way the liquidator will approach the outstanding issue of loans that are secured against mortgaged properties, where the property owner has arranged a debt write down with their bank following a sale; his views on whether the liquidator should allow property sales to go ahead and loans to be separated out from properties and repaid to the liquidator, or whatever asset manager is eventually appointed, on their own. [10475/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Special Liquidators that any properties for sale where the sales contract has not been signed will be included in the valuation process as set out in the IBRC Act. No property will be sold unless the bid is equal to in excess of the independent valuation that is to be obtained as part of that process. The contractual terms and conditions of mortgage customers will not change as a result of the appointment and all debts owing to IBRC (In Special Liquidation) remain due and enforceable. I have been advised that it is the intention of the Special Liquidators to package and sell the mortgage book as a portfolio. Borrowers, third parties and other financial institutions will be given the opportunity to bid for specific portfolios (or component parts thereof) as part of an open and transparent process. As this sales process has not yet commenced, the Special Liquidators are not in a position to comment or speculate on the impact this may or may not have on the borrowers concerned or the arrangements that may or may not be agreed with the eventual purchasers of those assets.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will explain the decision to provide €1 billion credit facility from the National Assets Management Agency for the use of the special liquidator of the Irish Bank Resolution Corporation; when the decision was made; what the credit facility is intended to be used for; the way the €1 billion, if used, will be repaid to NAMA; if he had to seek permission to use NAMA for such a credit facility from another entity such as the European Central Bank; if the funding of the credit facility comes from cash assets at NAMA; and if NAMA can still meet its bond repayments due at the end of 2013. [10476/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the announcement by the National Asset Management Agency on 21 February 2013 that it has made a €1bn credit line available to Irish Bank Resolution Corporation, if he will confirm the interest rate and arrangement fee that applies to the facility and any moneys advanced under it [10643/13]

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the announcement by the National Asset Management Agency on 21 February 2013 that it has made a €1bn credit line available to Irish Bank Resolution Corporation, if the NAMA action was subject to a NAMA board decision; and if it was, the date of the board decision. [10644/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 64, 94 and 95 together.

On the 7th February 2013 I issued a Direction (NAMA/3/12/IBRC Act) to NAMA pursuant to the IBRC Act 2013 to provide such credit facilities to a special liquidator on such terms and conditions, as are specified in the direction. NAMA has complied with this Direction and made a €1 billion credit facility available to the special liquidator. The interest rate as per the facility agreement is referenced to the daily one-month euribor rate plus a margin of 140 basis points. The facility will be advanced to IBRC (in Liquidation) as needed for both the general corporate purposes of the Company and to discharge the Company’s obligations to derivatives counterparties under derivative collateral arrangements and/or obligations to the NTMA under the NTMA ISDA Master agreement. The amounts drawn under this facility shall constitute and rank as costs of the liquidation of the Company.

I am advised by NAMA that following receipt of the Direction, the Board of NAMA met on Thursday, 7th February 2013 and approved the €1 billion facility. NAMA has made this facility available to the Company in accordance with its approved liquidity policy and from its own liquid assets. The granting of this facility does not impact on NAMA’s ability to redeem its senior bonds in accordance with the previously indicated senior bond redemption targets.

Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide an assessment of the value of privileged inside information may have to potential buyers of Irish Bank Resolution Corporation during the term of liquidation. [10502/13]

Michael Noonan (Limerick City, Fine Gael)
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It is not possible to attach a value to this privileged information. I have been informed that in addition to the policies and procedures that have been put in place by the Special Liquidators to ensure that no privileged information leaves IBRC (in Special Liquidation), employees owe a common law duty of confidentiality such that they cannot use confidential information obtained during the course of their employment to the detriment of their (former) employer. In addition Ethic in Public Office Acts applies to current former executives and other office holders in the IBRC where the salary earned by those employees is not less than the maximum salary of a higher executive officer (general service grade, Class B PRSI) in the Civil Service (c.€55,415). Codes of Conduct issued under these Acts require 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.