Pearse Doherty (Donegal South West, Sinn Fein)
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159. To ask the Minister for Finance to detail the dates on which the sale of each commercial loan book at Irish Bank Resolution Corporation was agreed; and the dates on which the companies to which each loan book was sold were set up. [25508/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that as disclosed in the Process Update dated 6 June 2014, contracts in relation to the sale of commercial loans in Projects Rock, Salt and Stone were entered into in February and March 2014. The account holders whose loan facilities were sold have all been written to individually with details of the date of legal transfer and the name of the acquiring entity. The Special Liquidators have also advised that the establishment date of the acquiring entities is a matter of public record and while some of the acquiring entities were recently established they are funded by longer established investment funds.

Pearse Doherty (Donegal South West, Sinn Fein)
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160. To ask the Minister for Finance to explain the position in respect of the rights of borrowers whose commercial loans at Irish Bank Resolution Corporation have been sold on to know the full details of the buyer of their loans. [25509/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that it is the policy of the Special Liquidators of Irish Bank Resolution Corporation Limited (in Special Liquidation) to notify all commercial borrowers whose loans are sold as part of the liquidation of IBRC of the sale of their loan and the identity of the purchaser of that loan. This notification process takes the form of an initial written notification to borrowers when a contract for the sale of their loan(s) has been signed and a second written notice which is sent to borrowers after the sale of their loan(s) is formally completed.

In addition, the Special Liquidators also require purchasers to send separate written notifications to borrowers, such notifications to include the identity of the purchaser and contact details should borrowers have any queries in relation to the transfer. This process ensures the borrowers know who has purchased their loans and who to contact should borrowers have any additional questions in relation to either their loan(s) or the purchaser.

Pearse Doherty (Donegal South West, Sinn Fein)
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161. To ask the Minister for Finance if the buyers of commercial loan books at Irish Bank Resolution Corporation have agreed to abide by the relevant code of conduct on business borrower-lender relationships; and the legal status of these codes. [25510/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Special Liquidators that the relevant code of conduct that can apply to certain "business borrower-lender relationships" is the Code of Conduct for Business Lending to Small and Medium Enterprises (SME Code).  The application of the SME Code varies depending on whether the relevant purchasing entity of the commercial loans is a regulated entity or an unregulated entity. If the purchasing entity is a regulated entity it is required to comply with the SME Code. If the purchasing entity is not a regulated entity it is not required to comply with the SME Code.

I have been informed by the Special Liquidators that, unlike consumer lending, business lending is not an activity which, in and of itself, must be undertaken by a regulated entity (i.e. an unregulated entity could be established for the sole purpose of lending to SMEs and this would not require authorisation, and would not be subject to such codes).

I am advised by the Special Liquidators that they have not sought agreement from buyers of commercial loan books to comply with code of conducts on "business borrower-lender relationships" as compliance with the relevant Code of Conducts is a matter for the Central Bank of Ireland.