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IBRC liquidators writing to borrowers over loans

The borrowers will be updated on the sale of their IBRC loans and collateral obligations.

Connaught House in Dublin where the offices of IBRC, formerly Anglo Irish Bank, are located.
Connaught House in Dublin where the offices of IBRC, formerly Anglo Irish Bank, are located.
Image: Julien Behal/PA Wire

THE LIQUIDATORS OF the former Anglo Irish Bank are to write to borrowers to update them and give them an opportunity to make representations on how loans are sold.

The Special Liquidators of what is now known as Irish Bank Resolution Corporation Limited (IBRC), Kieran Wallace and Eamonn Richardson of KPMG, said today that they have begun writing to IBRC borrowers to update them on the sale of their IBRC loans and collateral obligations.

They are also providing borrowers with an opportunity to make written representations on the method of disposal of their loans and the criteria for determining who may bid for their Loans and Collateral Obligations.

A spokesperson said the liquidation of IBRC necessitates the sale of the assets of IBRC, including the Loans and Collateral Obligations owed to IBRC following their independent valuation.

Where no bid is received, or the bids received by the Special Liquidators are not in excess of the valuation price, the Special Liquidators will be required to sell those loans and collateral obligations to NAMA at the valuation price, unless otherwise provided for by the Ministerial Instructions.

At this point, the Special Liquidators have taken no decision as to how each of the Loans and Collateral Obligations will ultimately be offered for sale.

They are currently taking professional advice on the appropriate method of disposing of them, and on the appropriate criteria for determining who may qualify to bid for them. Any written representations made by borrowers will be considered, along with their professional advice before they arrive at their decisions.

The spokesperson said it is currently anticipated that the substantial majority of IBRC Loans and Collateral Obligations will be offered for sale by way of large loan portfolios.

He added that it is anticipated that a relatively small number of them may be offered for sale individually.

The Special Liquidators are also notifying borrowers of the criteria which they will have regarding the method of disposing of loans.

Read: Union now tells IBRC staff to cooperate with NAMA over new roles>

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