Lucinda Creighton (Dublin South East, Independent)
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85. To ask the Minister for Finance if analysis was conducted by the special liquidator into the number of Irish Nationwide mortgage holders who would have bought back their own loans at a price greater than the independent valuation obtained for their individual loan if provided an opportunity to do so; if analysis was conducted assessing the total amount in euro that could be lost by selling back certain loans individually to individual borrowers and the excess as part of a portfolio transaction versus one single portfolio transaction sale; and if he will make a statement on the matter. [10317/14]

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 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.