Dáil Éireann Debate, Wednesday - 2 November 2011
18 Deputy Pearse Doherty asked the Minister for Finance the contractors or developers currently employed by the National Asset Management Agency to provide services in relation to assets held by NAMA; the total amounts received by each contractor or developer to date; and if he will make a statement on the matter. [31765/11]
View answerNAMA advises me that it does not directly employ developers. NAMA does, however, work with developers where it considers that this will provide the best return to the taxpayer. The alternative is to take enforcement action against a developer, which NAMA has done in 91 cases so far. I understand from NAMA that, as part of its business plan agreements with debtors, it normally looks for and obtains a reduction of 50% to 75% in overhead costs and that any remuneration paid to debtors is payable from this much-reduced budget. The Chairman of NAMA has recently stated that the majority of debtor remuneration packages fall into the €70,000 to €100,000 range, including all benefits-in-kind. He also confirmed that in two cases the debtor's remuneration package, authorised by NAMA as part of the budget for overheads, is €200,000.
The terms and conditions under which individual debtors work with NAMA constitute commercially sensitive, confidential information. NAMA informs me that, under sections 99 and 202 of the Act, it cannot disclose the names or details relating to individual debtors because companies and individuals whose loans have transferred to NAMA and who are meeting their obligations are entitled to have this information kept confidential.
