Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

94. To ask the Minister for Finance the number of Irish Bank Resolution Corporation residential mortgages and, separately, buy-to-let mortgages sold to date by the special liquidator; the persons to whom they were sold to; and if he will make a statement on the matter. [10961/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy is aware, for operational reasons the loan assets of Irish Bank Resolution Corporation Limited (in Special Liquidation) ( IBRC ) were divided into eight portfolios: Evergreen, Rock, Salt, Sand/Pearl, Stone, Pebble, Quartz and Amber.

The Sand portfolio originally comprised 12,702 Irish originated residential mortgages with a par value of €1.8bn, most of which had transferred from Irish Nationwide Building Society. Buy to let mortgages accounted for 17% of the original Sand portfolio sold in the Special Liquidation.

Having given due consideration to the representations made by residential mortgage holders of IBRC and professional advice received, 64% of the Sand portfolio was sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P.

Subsequently, the remaining 36% of the unsold residential mortgages from Project Sand were sold as two further sales tranches, Project Pearl Tranche 1 and Project Pearl Tranche 2. The first of these tranches  was sold to The Governor and Company of the Bank of Ireland and the second tranche was sold to Mars Capital No. 3 Limited and Mars Capital No. 4 Limited.