Stephen Donnelly (Wicklow, Independent)
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172. To ask the Minister for Finance further to the recent announcement by PTSB that it had disposed of €215 million of loans secured by mortgages on buy to let property in the UK, in a portfolio known as Project Liverpool, if he will confirm the par value of the loans sold; the book value of the loans as at 30 June 2014; the sale price of the loans; the buyer of the loans; the additional terms that are relevant to the taxpayer who is ultimately the owner of PTSB; and if he will make a statement on the matter. [37993/14]

Stephen Donnelly (Wicklow, Independent)
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173. To ask the Minister for Finance the position regarding the continuing involvement of Capital Home Loans, the 100% PTSB-owned UK subsidiary in the management of the €215 million of buy-to-let mortgages recently disposed of; the rationale for the continuing involvement; and if he will make a statement on the matter. [37994/14]

Stephen Donnelly (Wicklow, Independent)
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174. To ask the Minister for Finance further to the recent announcement by PTSB that it had disposed of €215 million in loans secured by mortgages on buy-to-let property in the UK, in a portfolio known as Project Liverpool, if he will provide the costs incurred by PTSB in preparing the portfolio for sale, and in marketing, legal and advisory services linked to the sale; and if he will make a statement on the matter. [37995/14]

Stephen Donnelly (Wicklow, Independent)
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175. To ask the Minister for Finance if in 2012, when PTSB was attempting to dispose of the British Capital Home Loans business, it was offering loans in tranches of a size similar to the €215 million disposal announced last week; his views that there are lessons to be learned from offering smaller loan tranches to the market in order to maximise disposal proceeds. [37996/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 172 to 175, inclusive, together.

I have been informed that there was no tranche similar in size to the €215 million tranche sold on 26 September 2014, offered for sale in 2011/2012.  As you will recall the requirement under the Central Bank's Prudential Liquidity Assessment Review (PLAR) issued in March 2011 was to sell the whole of the CHL portfolio by the end of 2013. While circumstances are now different, it is a matter for PTSB and its advisors to assess the market for the disposal of assets at that time and develop an appropriate sales strategy to reflect current market conditions. 

PTSB has issued an announcement in relation to the sale of a tranche of CHL loans, with a par value of £173 million (€215m), and for confidentiality and commercial reasons they have not released any further details relating to the transaction including, but not limited to the buyer, the price achieved and the costs of the transaction.   

Also the Deputy may be aware, under the Relationship Framework, the board and management teams of PTSB retain the responsibility and the authority for determining the strategy and commercial decisions and conducting the day to day operations, including the sale of assets. In making such decisions the Board and management teams are highly conscious of ensuring that sale costs are minimised and that maximum proceeds are achieved in the sale of all loan portfolios.

In relation to the continuing involvement of CHL in the management of the loans post sale, I have been informed it is for commercial purposes to facilitate the sale to a buyer who does not have a servicing platform in the UK. I refer to the press release made by PTSB where they state that "as part of the transaction CHL will continue to service the Project Liverpool loans under a separate commercial arrangement".