IRBC assets to begin next week

The sale of assets worth more than €22 billion by the liquidators of the Irish Bank Resolution Corporation, which is to be completed by the end of the year, kicks off on Monday of next week.

Parties that have expressed an interest in the loans being sold and have signed confidentiality agreements will start getting detailed information on the first group of loans from that date, and will be given a short period to make indicative bids. The initiation of the sales process for the so-called Project Evergreen loans will be quickly followed by the beginning of an identical process in relation to three other loan types.

Project Evergreen involves Irish-originated corporate loans to trading entities such as Arnotts and Topaz with 50 “borrower groups” and loans totalling E3.5 billion. The other three groups of loans have been called Rock, Sand and Stone and involve, respectively, UK-originated commercial real estate loans, mortgages associated with the former Irish Nationwide, and Irish-originated commercial real-estate loans. The number of borrower groups and the value of the loans, at par, are, respectively: 350 (€7.8 billion); 13,250 (€1.8 billion); and 2,150 (€9.3 billion). Source: The Irish Times