Michael McGrath (Cork South Central, Fianna Fail)
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51. To ask the Minister for Finance the position regarding the disposal of transfer of the remaining Irish Bank Resolution Corporation loan book; if he has issued a direction order on the matter; and if he will make a statement on the matter. [19867/14]

Michael Noonan (Limerick City, Fine Gael)
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Given the success of the sales process to date the Special Liquidators have confirmed that they now expect the proceeds from the sale of IBRC assets to be sufficient to fully discharge the outstanding secured debt owed to NAMA.  Therefore the transfer of assets to NAMA as part of the Special Liquidation is no longer required. In order to effect this I have withdrawn the existing direction to NAMA to acquire assets from the Special Liquidators. In addition I have also issued a Ministerial Instruction to the Special Liquidators to confirm that NAMA will no longer be required to participate in the purchase of assets from IBRC.

The Special Liquidators will be required to devise and manage a new sales process in relation to the remaining assets in IBRC.