The guidance provided by the bank is set out below:

This note relates to the transfer of certain loans by Ulster Bank Ireland DAC to Allied Irish Banks, p.l.c. (AIB) as part of the Transaction. In order to address any challenges that may arise for practitioners or borrowers (due to the time required to register the volume of charges pursuant to the Transaction), AIB confirms that it has agreed the following interim process with Tailte Éireann (TÉ). This aims to facilitate AIB in releasing and discharging redeemed mortgages that form part of the Transaction, prior to completion of the registration of the Transaction in TÉ.

Inclusion of redacted Form 56 Transfer Deed

Following receipt of evidence by AIB that a loan that forms part of the Transaction has been redeemed in full – but where the transfer of the charge has not yet been registered in TÉ and has not yet been assigned a dealing number – AIB confirms that it will provide:

1. a redacted copy of the Form 56 Transfer Deed (pursuant to which the redeemed loan/charge was acquired with the relevant loan/charge highlighted) to the redeemed party or their solicitor, along with
2. a deed of discharge executed by AIB.

AIB reports that this will facilitate the party redeeming their loan in lodging an application with TÉ for discharge of the charge. It will also provide sufficient evidence of the chain of title to TÉ to enable TÉ to register the discharge of the relevant charge. 

AIB confirms that any TÉ application should refer to ‘Project Tasman’ for identification purposes so that TÉ can identify that the application forms part of the Transaction and, as such, is covered by the agreed interim process.  AIB confirms that there is no requirement for practitioners to lodge the Power of Attorney and legal statement applicable to the Transaction.

Update of AIB Form of Deed of Discharge

Where a dealing number has been obtained, AIB confirms that its standard deed of discharge will be amended to recite the dealing number of the relevant application for registration of the charge. AIB reports that this will evidence the chain of title and enable TÉ to process the deed of discharge and, ultimately, register the discharge of the relevant charge. As above, the TÉ application should refer to ‘Project Tasman’, for identification purposes.