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

324. To ask the Minister for Finance the nature of the case being taken in the High Court by a bank (details supplied) against another bank in relation to the sale by the other bank of a property loan book in 2015; the implications of this case for the other bank; and if he will make a statement on the matter. [1860/17]

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

I have been informed that in 2015 the bank in question concluded a sale of a non-core loan book.  The loan book consisted of loans which were secured typically by commercial properties including some Buy-to-Let properties.  The legal action taken by the purchaser of this loan book relates to a warranty in the legal agreements for the sale and relates to a small number of assets included in the sale.  I understand that both parties are engaged in ongoing discussions on this issue with the aim of finding a mutually agreeable outcome. 

It is not expected that this matter will have any material consequence for the bank in question.