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NAMA Debtors

Dáil Éireann Debate, Tuesday - 12 February 2013

Tuesday, 12 February 2013

Questions (231, 232, 233)

Pearse Doherty

Question:

231. Deputy Pearse Doherty asked the Minister for Finance the limits the National Assets Management Agency sets on debtors living costs that is rent, by month and by year. [7042/13]

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Pearse Doherty

Question:

232. Deputy Pearse Doherty asked the Minister for Finance if the National Assets Management Agency allows debtors to remain members of exclusive clubs. [7043/13]

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Pearse Doherty

Question:

233. Deputy Pearse Doherty asked the Minister for Finance his views on whether it is appropriate that debtors in the National Assets Management Agency retain membership of exclusive private clubs, can take expensive holidays such as ski trips and continue to drive around in top of the range cars. [7044/13]

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Written answers

I propose to take Questions Nos. 231 to 233, inclusive, together.

NAMA advises that its role as a secured lender does not extend to determining or restricting the clubs or associations to which individuals debtors may belong. Nor is NAMA in a position to dictate a debtor’s choice of holiday location.

NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. In certain circumstances, debtors are allowed to retain a portion of asset income in lieu of overheads which include staff costs. NAMA also seeks to obtain charges over a debtor’s unencumbered assets and to realise such assets so as to further reduce indebtedness.

Clearly, however, NAMA has no control over the application of income generated by assets securing loans which have been advanced to debtors by other financial institutions.

The Deputy will be aware that where the evidence available to NAMA is that a debtor has failed, as part of a sworn statement of affairs, to disclose all his assets, he will be faced with very serious consequences. NAMA has made it clear that it will not work with debtors who fail to co-operate fully and openly with it. NAMA will also pursue through the courts debtors who fail to co-operate with it in terms of agreeing to the reversal of asset transfers or to the granting of legal charges over unencumbered assets.

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