Stephen Donnelly (Wicklow, Independent)
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206. To ask the Minister for Finance further to Parliamentary Question No. 137 of 22 October 2013, if he will publish the independent advice from PwC in relation to the way the residential mortgage portfolio and other loans in Irish Bank Resolution Corporation are to be dealt with, sought by the IBRC special liquidators. [8165/14]

Stephen Donnelly (Wicklow, Independent)
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207. To ask the Minister for Finance if a scenario was modelled in which individual mortgagors, whose loans have ended up with Irish Bank Resolution Corporation would be able to bid on their own loans; and if such a scenario was modelled, he will publish same. [8166/14]

Stephen Donnelly (Wicklow, Independent)
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208. To ask the Minister for Finance if analysis has been carried out that indicates the potential loss in return to the State if individual mortgagors were permitted to bid on their own loans, as opposed to splitting the Irish Bank Resolution Corporation loan book into four segments, as currently planned; and if so, if he will publish the difference in sale value. [8167/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 206 to 208, inclusive, together.

There is an obligation on the Special Liquidators to ensure that maximum value is extracted from the loan sales process for the benefit of all the creditors of IBRC including the State. The sales process plan and timeline for the sale of the residential mortgage portfolio has been developed following professional advice and in light of requirements for a robust and credible sales process in that context. Neither I nor my officials had any role in the development of the sales process plan for the residential mortgage book.

The Special Liquidators have given significant consideration to and have sought independent advice from PWC in relation to how the residential mortgage portfolio is to be dealt with. Following that independent advice, the Special Liquidators have decided that the residential mortgage book would be sold in portfolios with a view to maximising market interest and return within the timelines set out in the Ministerial Instructions.

I am advised that it is for this reason that the Special Liquidators have decided not to accept any bids from individual mortgage holders, however mortgage holders 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 will not be publishing the independent advice received in relation to the sales process and timeline as it is commercially sensitive information which could potentially have a detrimental impact on asset recovery from the impending sale process.

Stephen Donnelly (Wicklow, Independent)
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209. To ask the Minister for Finance if a date has been set by the special liquidator for the sale of the Irish Bank Resolution Corporation residential mortgage book, or any parts thereof; and if he will make a statement on the matter. [8168/14]

Stephen Donnelly (Wicklow, Independent)
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210. To ask the Minister for Finance if discussions are under way with potential buyers of the Irish Bank Resolution Corporation residential mortgage book; and if he will make a statement on the matter. [8169/14]

Michael McGrath (Cork South Central, Fianna Fail)
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237. To ask the Minister for Finance in respect of the Irish Bank Resolution Corporation, in special liquidation, mortgage book, if he will confirm the date the mortgage book was put on the market by the special liquidators; if he will provide the details of the way the mortgage book was divided for the purposes of the sale; the overall value of the mortgage book; the deadline by which bids for the mortgage book had to be submitted; the current status of the sales process; if any problems have been identified with the supporting documentation underpinning the loans; when a decision on any sale will be made; and if he will make a statement on the matter. [8290/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 209, 210 and 237 together.

I am advised by the Special Liquidators that the residential mortgage portfolio of IBRC has a par value of €1.8 billion. The sales process for the residential mortgage portfolio commenced in October 2013 and following receipt of indicative bids late last year, a reduced number of bidders were progressed to Phase 2 of the sales process which launched on 29 November 2013. The Special Liquidators expect to finalise the sale of these loans in March 2014.

The Special Liquidators are obliged to ensure that maximum value is obtained from the loan sales process. In order to fulfil this obligation the Special Liquidators have given significant consideration to and have sought independent advice in relation to how the residential mortgage portfolio and other loans in the Bank are to be dealt with. Following this advice, the residential mortgage portfolio was sub-divided into four tranches to ensure that maximum value is derived for the loan assets in the timeline set out by the Minister. The valuation process for this portfolio was completed on 11 September 2013 and the sales process commenced on 14 October 2013.