merrion street

The Minister for Finance, Michael Noonan T.D., today welcomed the successful conclusion of the bidding phase for the first portfolio of assets brought to the market by the Special Liquidators of IBRC.

Binding bids for the Evergreen portfolio consisting primarily of Irish corporate loans with a par value of c.€2.5bn were received on Friday 6th December and the Special Liquidators expect that c.84% of the portfolio (by par value) will be sold to third parties at prices in excess of the independent valuations. A number of contracts have already been signed with third parties and contracts for the remaining assets are expected to be signed over the coming days.”

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

“This is a very successful outcome for the Special Liquidators and given the sale included Irish corporate loans it provides further evidence of the strong confidence of international investors in the Irish economy and its future prospects;

I am pleased with how the special liquidation is progressing and these sales to third parties will help to reduce the total amount of assets to transfer to NAMA.

Furthermore I remain satisfied that further calls on the Exchequer over those already budgeted are not now expected as a result of this process. The sales processes for the remaining portfolios in IBRC are on-going and are expected to be concluded in early 2014. ”