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“The Minister for Finance, Michael Noonan T.D., today welcomed the successful completion of the latest portfolio of assets brought to the market by the Special Liquidators of IBRC. The sales process for Projects Rock and Salt, portfolios of CRE loans primarily originated in the UK with a combined par value of €7.3 billion has been concluded with all of the assets being sold to third parties at prices in excess of the independent valuations. It is now expected that none of these assets will transfer to NAMA.”

In relation to today’s transaction, the Minister stated:

“I am extremely pleased with the progress made by the Special Liquidators to date in relation to the disposal of assets in IBRC. The sale of this entire portfolio on top of the success of the Project Evergreen sale late last year will considerably reduce the amount of assets that are now expected to transfer to NAMA and bodes well for the ultimate success of the liquidation. The sales processes for the remaining portfolios in IBRC are on-going and are expected to be concluded in early 2014. ”