Pearse Doherty (Donegal South West, Sinn Fein)
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201. To ask the Minister for Finance if he will outline the process by which remaining unsold assets at the Irish Bank Resolution Corporation will be acquired by the National Asset Management Agency, including a description of the way NAMA will value the assets; and if the valuation will be subject to international scrutiny and the anticipated timing of the acquisitions. [18455/13]

Michael Noonan (Limerick City, Fine Gael)
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As previously advised, independent third parties are being engaged to independently value the loan assets of IBRC (in Special Liquidation). For the purposes of the valuation, loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the value or, where appropriate, in accordance with other standard loan valuation methodologies. 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 being obtained. The Special Liquidators have advised that these valuations will be confidential. Should a bid not be received that is equal to or in excess of the independent valuation obtained, the loan will transfer to NAMA at the independent valuation price. As the Special Liquidators are still in the process of devising and implementing the valuation and sales process it is not possible at this time to estimate the timing of the potential acquisitions.

Pearse Doherty (Donegal South West, Sinn Fein)
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202. To ask the Minister for Finance if he will confirm when he expects to know the valuation of the assets at Irish Bank Resolution Corporation by the special liquidator; and the way any shortfall in the value of IBRC’s assets compared with the NAMA bonds issued for IBRC assets be dealt with in the Exchequer Statement in 2013. [18456/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised that independent third parties are being engaged to value the loan assets of IBRC (in Special Liquidation). 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 being obtained. The Special Liquidators have indicated that these valuations will be confidential. A process is currently being finalised that ensures that maximum value is extracted from the loan sales. The Special Liquidators are unable to comment at this time as to when this work is expected to be completed. Should a bid not be received that is equal to or in excess of the independent valuation obtained, the loan will transfer to NAMA at the independent valuation price. The shortfall in the value of IBRC's assets compared with the NAMA bonds, if any, will not be known, with any certainty, until the independent valuation and asset sale process has completed. If the value of the assets is insufficient to covers amounts due to NAMA then that shortfall will be compensated by the Exchequer.

Pearse Doherty (Donegal South West, Sinn Fein)
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203. To ask the Minister for Finance if he will confirm the way assets not sold by the special liquidator of Irish Bank Resolution Corporation and not acquired by the National Asset Management Agency, that is employee loans, will be resolved; and what party will monitor the performance of such assets. [18457/13]

Michael Noonan (Limerick City, Fine Gael)
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As per the Ministerial instruction of 7 February 2013, NAMA shall not be required to make a bid in respect of "any credit facility pursuant to which IBRC (or Irish Nationwide Building Society ("INBS")) has made facilities available to current or former employees and/ or directors of IBRC or INBS". As previously advised, I have been informed that the Special Liquidators will be managing these facilities, the strategies for which will be devised on a case by case basis.