Tommy Broughan (Dublin North East, Labour)
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To ask the Minister for Finance if he will report on the status of the mortgages in the now liquidated Irish Bank Resolution Corporation and Irish Nationwide banks; if he will clarify if these mortgages will be sold on to other financial institutions; if family household mortgage holders are being treated differently from companies with commercial loans from IBRC; and if he will make a statement on the matter. [10558/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that the contractual terms and conditions of customer mortgages and other borrowings will not change as a result of the appointment of the Special Liquidators and all debts owing to IBRC will remain due and enforceable. It is important that, to avoid breaches of their obligations, customers continue to make payments on their loans and otherwise honour the contractual obligations of their borrowings. I am informed 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 which will see the assets valued independently before being sold. Any assets not sold to third parties (including loan counterparties and other financial institutions) at or above the valuation price will be sold to NAMA at the independent valuation. The Special Liquidators are still in the process of devising and implementing a sales process in respect of IBRC’s assets including the mortgage portfolio.