merrion street

Finance Minister Michael Noonan today welcomed the success of the recent IBRC loan sales processes. Over 90% of the loan book has been sold to third parties, representing loan assets with a par value of approximately €19.8 billion out of a total book of €21.7 billion sold.

Project Stone, which consists of commercial real estate loans with a par value of €9.3 billion, has achieved total sales of 85% across a broad range of bidders. Project Sand, which consists of residential mortgage loans with a par value of €1.8 billion, has achieved sales of 64% to two individual buyers, namely Loanstar and Oaktree, both of whom have committed to service these books in accordance with the terms of the Central Bank Code of Conduct on Mortgage Arrears.

The success of these sales processes represents a significant milestone for the State in relation to the liquidation of IBRC and significantly limits the amount of assets that are now likely to transfer to NAMA as a result of this process.

The Minister said:

This is a hugely successful outcome for the Special Liquidators which provides further strong confirmation of the renewed confidence of international investors in the Irish economy and its future prospects.

The Special Liquidators will continue to manage the wind down and liquidation of the remaining assets of the bank which is expected to continue for some time until all assets and liabilities of the bank are fully resolved.