Pearse Doherty (Donegal South West, Sinn Fein)
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35. To ask the Minister for Finance the number of persons to date that have been able to buy back their own mortgages from the Irish Bank Resolution Corporation during the special liquidation process; and if he will make a statement on the matter. [17018/14]

Michael McGrath (Cork South Central, Fianna Fail)
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36. To ask the Minister for Finance the number of Irish Bank Resolution Corporation residential mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17046/14]

Michael McGrath (Cork South Central, Fianna Fail)
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37. To ask the Minister for Finance the number of Irish Bank Resolution Corporation buy to let mortgages sold by the special liquidator; the number that will transfer to the National Asset Management Agency; the number of mortgages transferring to NAMA that are in arrears; his plans for further sales; and if he will make a statement on the matter. [17047/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 35 to 37, inclusive, together.

I am advised by the Special Liquidators that residential mortgage holders can redeem their loans at par at any time. I am further advised that between the 1st February 2013 (the Special Liquidators were appointed on 6 February 2013) and the 31st March 2014, approximately 600 mortgage accounts have been closed as a result of full redemption by these customers.

I have been advised by the Special Liquidators that 64% of the par value (€1.8bn) of the Sand Portfolio has been sold to third parties, equating to c. 6,200 loans. C. 4,500 of these loan accounts relate to a customer s Principal Dwelling House (PDH) and c. 1,700 of these loan accounts relate to buy to let mortgages. It is expected that the remaining loans (c. 6,500) comprising c. 6,200 PDH loan accounts and c.300 accounts relating to buy to lets, will transfer to NAMA at the independent valuation price. As the Deputy will be aware the Special Liquidators took the decision to sell the residential mortgage books as large portfolios as they were advised that this was a more efficient method of disposal and the one most likely to give best results in terms of the ultimate sales by the special liquidator, having regard to the public interest.

The Special Liquidators are unable at this stage to provide a breakdown of the number of accounts that are in arrears or that are expected to transfer to NAMA. However, they will be writing to residential mortgage holders shortly, to provide information on the outcome of the sales process and how it has affected their loan(s). 

Further information for mortgage holders is also available on the IBRC website at - .

Michael McGrath (Cork South Central, Fianna Fail)
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38. To ask the Minister for Finance if the National Asset Management Agency has adequate processes and procedures in place to deal with the Irish Bank Resolution Corporation mortgages transferred to it; the number of staff who will support this work; and if he will make a statement on the matter. [17048/14]

Michael McGrath (Cork South Central, Fianna Fail)
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39. To ask the Minister for Finance if the National Asset Management Agency board has considered the way mortgage holders from the Irish Bank Resolution Corporation will be treated in relation to the code of conduct on mortgage arrears; and if he will make a statement on the matter. [17049/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 38 and 39 together.

No final decision has been made as to the number of IBRC residential loans that NAMA may acquire from the Special Liquidators (SLs).  However as previously advised, NAMA has made appropriate preparations, including the selection of Pepper Asset Servicing (Pepper) through a competitive tendering process as its preferred bidder to provide primary and special servicing on any loans that may be acquired.  

Should NAMA acquire part of the IBRC mortgage portfolio, the bulk of the requisite staffing resources to manage the loans will be provided by Pepper.  Pepper s services will be carried out under delegated authority and close oversight from NAMA; the resourcing implications for NAMA, in terms of such oversight, will depend on the volume of loans which may transfer. Furthermore NAMA advises me they have the necessary expertise to oversee the service provider.

In the event that NAMA ultimately acquire mortgage loans from the Special Liquidators to IBRC, the NAMA Board will determine its strategy at that stage and, in doing so, will be mindful of its legal obligations and of general market norms. 

I am advised that NAMA will apply best practice in this regard including CCMA to ensure that a borrower s legal position does not deteriorate by virtue of NAMA acquisition of the loan or loans concerned.