Written answers
Tuesday, 27 May 2014
Department of Finance
IBRC Mortgage Loan Book
Dan Neville (Limerick, Fine Gael)
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151. To ask the Minister for Finance if the performing mortgages which were with Irish Nationwide and now with the Irish Bank Resolution Corporation will be put into the National Asset Management Agency; and if he will make a statement on the matter. [23089/14]
Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that 64% of the residential mortgage portfolio of Irish Bank Resolution Corporation Limited (in Special Liquidation) have been sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P. A mixture of performing and non-performing loans were sold.
The Special Liquidators confirm that NAMA will not now be obliged to purchase the unsold residential mortgages at their independent valuation as previously envisaged. The Special Liquidators will now devise and manage a further sale process in respect of these unsold assets in a manner that maximises the return to all remaining creditors of IBRC, including the State.
Andrew Broderick
Posted on 3 Jun 2014 9:29 pm (Report this comment)
Is the Minister aware that Irish Nationwide Building Society was a Mutual Society and was supposed to regulated by the Registrar of Friendly Societies
when many if not all of the people borrowed from them to buy their homes?
If yes, how does the Minister expect to control the actions of International Sub Prime Lenders, the very type of lender that every Professional warned borrowers not to borrow from?
The Special Liquidators appointed by the Minister are not actively engaging with borrowers, sadly the Minister has ignored such reports.
Is the Minister happy to be using the homes and mental stability of Irish People to maximise the returns of gamblers who operated without control while he sat on the opposition benches saying nothing?