Jerry Buttimer (Cork South Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

76. To ask the Minister for Finance the position regarding any discussions that have taken place between the Irish Credit Union movement and liquidators of Irish Bank Resolution Corporation with particular reference to any financial losses that will accrue to any credit union arising from investments that were made in good faith in the form of bonds; and if he will make a statement on the matter. [33707/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As I have previously outlined, certain tracker bonds sold to credit unions which were liabilities of IBRC at the time of the liquidation have a structured deposit element which is covered by the Deposit Guarantee Scheme (DGS) for that element of the product. As a result the first €100,000 of any claim from these depositors is covered under the DGS. The products purchased by some credit unions were not covered by the Eligible Liabilities Guarantee (ELG) Scheme and there was no other State guarantee attaching to the products. Unfortunately, if a product is not eligible under the ELG Scheme, the holders of the product rank as unsecured creditors in the liquidation, in accordance with Irish company and insolvency law. Credit unions and other fixed deposit holders affected have been advised to deal with the Special Liquidator in relation to this matter. Any discussions between the Special Liquidator and IBRC fixed deposit holders is a matter for the Special Liquidator and those deposit holders.

Clare Daly (Dublin North, Socialist Party)
Link to this: Individually | In context | Oireachtas source

77. To ask the Minister for Finance if in the event of the Irish Nationwide loan book transferring to the National Asset Management Agency, individual mortgage holders would not have protection from the Ombudsman or the code of conduct on mortgage arrears. [33709/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have been advised by the Special Liquidators that the residential mortgage customers of IBRC (in Special Liquidation) continue to enjoy the protection of the Central Bank Code of Conduct on mortgage arrears and other protections in Irish consumer law. The Special Liquidators are currently engaged in the valuation of IBRC loans and it is expected that they will begin the loan sales process later this year. I have been advised by NAMA that until that process has been completed, it is not possible to know which sub-portfolios within the IBRC loan book will be acquired by NAMA and which will be sold to third parties. Only after NAMA has had an opportunity to review its acquired loans will it be in a position to determine its approach towards managing them.