Dáil Éireann Debate, Wednesday - 12 January 2011
76 Deputy John Deasy asked the Minister for Finance the discussions he has had with the National Assets Management Agency to encourage them to sell property here; and if he will make a statement on the matter. [1310/11]
View answerNAMA has its own Board and has a commercial remit to manage its portfolio of acquired loans and property. To date NAMA, has only acquired loans not properties. It is a matter for the Board of NAMA to manage and deal with acquired properties in a commercial fashion and on a case by case basis with the intention of generating the best achievable financial return for the State. I am informed by NAMA that through its debtor management process it has already given permission for the sale of properties to the value of €2bn where NAMA had an interest of €700m in these properties. Some 90% by value of those permissions relate to property in the UK.
Section 55 of the NAMA Act 2009 requires NAMA to make a quarterly report to the Minister for Finance within 3 months of the end of the quarter to which the report refers and these reports will be laid before the Houses of the Oireachtas. The quarterly report includes, among other things, information on the number of loans being foreclosed or otherwise enforced and the amount of money recovered by sale of property. The quarterly report for the third quarter has been submitted to me and I expect to lay it before both Houses shortly.
