Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Sam Boal/Photocall Ireland
Money Back Special

IBRC is paying us back €12.9 billion

And even more cash could come from IBRC if it sells off the rest of its loan portfolio.

THE IRISH BANKING Resolution Corporation has made enough money from selling off its loan book to repay €12.9 billion it owes to NAMA – and that figure may climb even higher.

The €12.9 billion in question was given to IBRC by NAMA in the form of government guaranteed bonds as part of the promissory note transaction last year.

Originally, IBRC was supposed to transfer some of its assets to NAMA to help repay the debt, but the Department of Finance said today that “the debt is now expected to be repaid in full by the Special Liquidators”.

And we could get back even more, with proceeds from the sale of the remaining parts of the IBRC portfolio set to be returned to the bank’s creditors – the largest of which is, unsurprisingly, the state.

The statement continues:

Given the success of the sales process to date, the transfer of assets to NAMA as part of the Special Liquidation is no longer required.

Minister for Finance Michael Noonan called the news “a very successful outcome for the taxpayer (which) reinforces the decision taken to resolve the promissory note arrangement last year”.

The liquidators, Kieran Wallace and Eamonn Richardson of KPMG Dublin, will be writing to the borrowers with unsold loans outlining the sales process in coming weeks.

IBRC has been able to take advantage of positive market conditions, including a rush on Irish commercial property, to dispose of its loan book more quickly than had been previously expected.

Timeline: The 24 hours that secured the promissory note deal>

90 per cent of IBRC’s loan book has now been sold, following ‘Project Stone’ deal>

Your Voice
Readers Comments
87
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.