Pearse Doherty (Donegal South West, Sinn Fein)
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211. To ask the Minister for Finance when he expects unsold loans at Irish Bank Resolution Corporation to be transferred to the National Assets Management Agency; and if the expected date of transferal of August 2013 has now moved to late in the year, or next year. [30480/13]

Michael Noonan (Limerick City, Fine Gael)
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The Special Liquidators are continuing the orderly and efficient wind-down of IBRC in accordance with the provisions of the IBRC Act and instructions that have been provided to the Special Liquidators by me, as Minister, under the IBRC Act 2013. I have been informed by the Special Liquidators that they expect to meet the timelines set out, namely that the valuation of IBRC’s loans assets be completed by 30 November 2013 and that the sale of IBRC assets be completed by 31 December 2013 or as soon as practicable thereafter.

The valuation process is ongoing and I have been advised that at this point that the Special Liquidators have not finalised plans in relation to the sale of IBRC loans assets. The Special Liquidators are taking professional advice on the appropriate method of disposing of loan assets and on the appropriate criteria for determining who should qualify to bid for loan assets.

Should the assets not be sold to a qualified bidder at a price that is equal to or in excess of the valuation price then the asset/portfolio will transfer to NAMA.

Pearse Doherty (Donegal South West, Sinn Fein)
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212. To ask the Minister for Finance the average discount that is being offered on Irish Bank Resolution Corporation loans currently for sale. [30481/13]

Michael Noonan (Limerick City, Fine Gael)
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There is an obligation on the Special Liquidators to ensure that maximum value is extracted from loan sales and they are currently devising a process to ensure they meet this obligation. The Special Liquidators are in the process of obtaining suitable independent professional advisors who shall employ standard valuation methodologies appropriate to each class of asset of IBRC. Following that independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to the floating charge) in an open and transparent process at or above their independent valuation and failing that, the Special Liquidators will sell the assets to NAMA at their valuation price.

As the valuation and sales process is still being devised and implemented, the Deputy will appreciate that it is not possible to estimate what the outcome of the process will be at this time.