Liquidators appointed to the collapsed Anglo Irish Bank have sold a second loan portfolio with a book value of €7.3 billion.
Minister for Finance Michael Noonan said the sale was completed above the initial valuation, which is likely to have been significantly below the €7.3bn at which they were valued on Anglo's books.
Anglo Irish, renamed the Irish Bank Resolution Corporation (IBRC) in its final years, was put into liquidation last year.
The liquidators, KPMG, must either complete the sale of its assets by early this year or transfer them to the National Asset Management Agency.
"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," Mr Noonan said in a statement.
The "Projects Rock and Salt" portfolio is comprised of mostly commercial property loans, which were written through the UK branch and UK subsidiary companies of IBRC.
Successful bidders for the loans included Lone Star Real Estate Fund III and a Sankaty Advisors, LLC/Canyon Capital Advisors LLC consortium.
IBRC's Special Liquidators are also in the process of selling other loans books, including the Project Sand book, the Project Stone book and the Project Pebble book.
These are worth about €1.8bn, €9.3bn and €800m respectively.
Bidders for IBRC mortgages to follow arrears code
The Special Liquidators of IBRC will appear before the Oireachtas Finance Committee to answer questions about the sale of 13,000 mortgages later today.
The development follows agreement from bidders for the mortgages to provide consumer protection to home owners in arrears.
After weeks of pressure last night liquidators announced an agreement with bidders for the IBRC loan book.
The agreement means if any company buys the mortgages it will agree to a code protecting consumers in arrears.
The liquidators said they had noted the concerns of home owners, politicians and Mr Noonan. The bidders are to volunteer to follow a code to protect consumers in arrears.
But Opposition politicians and consumer advocates have continued to raise questions about the issue. They asked whether a voluntary agreement would be legally enforceable and who would police it.