Dáil Éireann Debate, Tuesday - 23 October 2012
137. Deputy Gerry Adams asked the Minister for Finance if Blackstone in their advisory role for Irish Bank Resolution Corporation advised IBRC on the €3 billion corporate loan book that UBS has now been given a mandate to advise on; if he will confirm if in view of Blackstone's advisory role for IRBC they are precluded from bidding for the €3 billion corporate loan book; and if he will make a statement on the matter. [45782/12]
View answerI have been advised that the ‘strategic advisory arm’ of Blackstone was retained by the Bank in December 2011 to advise on a range of strategic matters including, but not limited to, the structure of the Bank’s balance sheet. Blackstone’s remit included a focus on the Bank’s aggregate, but not specific, portfolio of loans. As already advised, the ‘investment arm’ of the Blackstone Group, which has been validated as independent of the ‘strategic advisory arm’ of the Group, is not precluded from participating in any future loan book sales processes which IBRC may engage in.
