The special liquidators of IBRC, formerly Anglo Irish Bank, are writing to borrowers giving them an opportunity to make representations on the process of selling off loans.

If there are no bids for loans or if the bids are below the valuation price the loans will be sold to NAMA.

In a statement the liquidators Kieran Wallace and Eamonn Richardson of KPMG said: "At this juncture, it is anticipated that a relatively small number of loans and collateral obligations may be offered for sale individually."

The special liquidators are also notifying borrowers of criteria which they will have regarding selling loans.