Seán Crowe (Dublin South West, Sinn Fein)
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To ask the Minister for Finance if he or his Department has exchanged correspondence or had direct communication with the ECB or EU Commission following the decision to use a further €16 billion of National Assets Management Agency's unallocated bonds in the purchasing of Irish Bank Resolution Corporation's assets following liquidation. [10574/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that the issue of unallocated NAMA bonds was discussed with the ECB and EU Commission as part of the proposal on the IBRC liquidation. To be clear, the issuance of NAMA bonds will be used to purchase the CBI’s remaining lending to IBRC in the form of the ELA facility deed backed by a floating charge on the otherwise unencumbered assets of IBRC and supported by the Ministerial guarantee.

This will end the CBI’s lending relationship with IBRC and NAMA will become the largest creditor to the liquidation. The Special Liquidator is charged with discharging this loan from NAMA through a valuation and sales process of the remaining assets of IBRC over the coming months.