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News : Irish Last Updated: Feb 26, 2014 - 1:45 PM

Sale process of IBRC UK projects Rock and Salt completed
By Finfacts Team
Feb 26, 2014 - 1:41 PM

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The sales process for projects Rock and Salt, portfolios of CRE loans primarily originated in the UK with a combined par value of €7.3bn 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, Ireland's toxic property loans agency.

Michael Noonan, finance minister, said: “I am extremely pleased with the progress made by the Special Liquidators to date in relation to the disposal of assets in IBRC (Irish Bank Resolution Corporation comprising the defunct Anglo Irish Bank and Irish Nationwide Building Society). 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. ”

In related news, bidders for IBRC mortgages will have to follow the arrears code

Commenting on the agreement reached between the Special Liquidator and the Phase two bidders for the IBRC mortgage book regarding the application of the CCMA, Noonan said: “I welcome the voluntary agreement reached between the Special Liquidators of IBRC and the bidders for the IBRC mortgage book in relation to the application of the Code of Conduct on Mortgage Arrears (CCMA).  This is an important and timely development and will ensure that mortgage holders in arrears will be serviced in line with the CCMA and the customers will continue to be protected by the code.

Discussion are continuing between my officials and officials in the central bank in relation to the application of the CCMA to entities that are not regulated by the Central Bank of Ireland. The  application of the code by unregulated entities is a positive development and is in the best interests of both borrower and lenders. However, as I have previously stated, if it becomes evident that the voluntary application of the code is not delivering the requisite protections for mortgage holders in arrears, I will bring forward the required legislation ”

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