Michael McGrath (Cork South Central, Fianna Fail)
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149. To ask the Minister for Finance the number and overall value of a bank's (details supplied) residential mortgages sold by the special liquidator; the details of each transaction including the identity of the purchaser; and if he will make a statement on the matter. [33784/17]

Michael McGrath (Cork South Central, Fianna Fail)
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150. To ask the Minister for Finance the number and overall value of a bank's (details supplied) buy to let mortgages sold by the special liquidator; the details of each transaction including the identity of the purchaser; and if he will make a statement on the matter. [33785/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 149 and 150 together.

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

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.