Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that all Borrowers can re-finance their borrowings with other lending institutions however there will be no write down of the debt outstanding. The Special Liquidators have corresponded with all IBRC borrowers providing them with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. The decisions in relation to the disposal of all loans, following receipt of expert advice and consideration of the representations from IBRC borrowers have been made by the Special Liquidators.

Catherine Murphy (Kildare North, Independent)
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153. To ask the Minister for Finance if the continued applicability of the Central Bank's CCMA now depends on the regulatory status of the ultimate acquirer of the Irish Bank Resolution Corporation loan book; if this position differs from the position stated by him on 6 February 2013 that it is critically important that mortgage account holders understand that their situation following the liquidation should generally remain unchanged; if such a change in guarantee has occurred, the date on which this happened; the reason it happened; if in his view such mortgage holders are more exposed as a consequence; the discussions he has had on the matter with the special liquidator; and if he will make a statement on the matter. [50206/13]

Catherine Murphy (Kildare North, Independent)
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154. To ask the Minister for Finance if the code of conduct on mortgage arrears will be available to those whose mortgages are part of the Irish Bank Resolution Corporation loan book which is currently for sale as a condition of sale; the way that might be done in practice; if that condition will limit the selection of bidders for the loan books and if so how; and if he will make a statement on the matter. [50208/13]

Clare Daly (Dublin North, Socialist Party)
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168. To ask the Minister for Finance if he will ensure that Irish Bank Resolution Corporation and the purchasers of its mortgages offer the exact same consumer protections offered by mainstream banks, namely, the code of conduct on mortgage arrears, the Central Bank's targets for offering long-term solutions to those in arrears, that is, split mortgages, and the Financial Services Ombudsman Service. [50355/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 151, 153, 154 and 168 together.

I am advised that the contractual terms and conditions of customer mortgages and other borrowings of IBRC will not change as a result of the appointment of the Special Liquidators or the ultimate sale of the obligations to a third party. The Special Liquidators have confirmed that all Borrowers are permitted to buy-out their mortgage at par value and that there are no legislative barriers for such Borrowers to do so. The Special Liquidators have also confirmed that the residential mortgage customers of IBRC Limited (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 continued applicability of the Central Bank Code of Conduct on Mortgage Arrears and Mortgage Arrears Targets Programme will depend on the regulatory status of the ultimate acquirer of the portfolio which we will not know until the sales process has concluded. In the event that NAMA ultimately acquires this portfolio, the NAMA Board will determine its strategy at that stage. In doing so, NAMA will be mindful of its legal obligations and general market norms. I am further advised that should they acquire the portfolio NAMA is likely to apply best practice in this regard and no borrower will in any worse position

The Special Liquidators have corresponded with all IBRC borrowers providing them with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for loan assets. The decisions in relation to the disposal of all loans, following receipt of expert advice and consideration of the representations from borrowers, have been made by the Special Liquidators.