Tuesday, 19 February 2013

Questions (261, 262)

Derek Nolan

Question:

261. Deputy Derek Nolan asked the Minister for Finance the number of properties currently under the remit of the National Asset Management Agency in Galway city; and if he will make a statement on the matter. [8340/13]

View answer

Derek Nolan

Question:

262. Deputy Derek Nolan asked the Minister for Finance the strategy or guidelines the National Asset Management Agency has in place to deal with the units currently under its remit in Galway city; and if he will make a statement on the matter. [8341/13]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 261 and 262 together.

NAMA advises that detail on the breakdown, by county, of the value of property securing NAMA’s loans is provided in its Annual Reports and Financial Statements for 2011, which is available on the NAMA website, www.nama.ie.

Properties under the control of receivers or other insolvency professionals appointed by NAMA are listed on its website at http://www.nama.ie/about-our-work/properties-enforced/. The site allows for searches by both property type and country/area. In each instance, information about the firm dealing with the insolvency and its contact details are provided. Potential purchasers are encouraged to contact the receivers to obtain additional information on specific properties and to submit expressions of their interest to purchase.

In the case of property under the control of debtors, NAMA is precluded, under Section 202 of the NAMA Act 2009, from disclosing confidential information. Confidential information is specifically defined to include information relating to debtors. Furthermore, Section 99 of the Act provides that, on acquisition of a loan, NAMA takes over the obligations of the participating institution under the loan, one of which is the contractual duty of confidentiality which the debtor enjoyed while still a customer of the participating institution. Information about individual debtors or guarantors is also protected against disclosure by the Data Protection Acts with which NAMA must comply as a data controller.

However, in cases where NAMA receives enquiries from potential purchasers about specific properties under the control of debtors, it can facilitate contact with a view to enabling sales transactions to take place.

NAMA advises that the strategy for individual properties, including for instance whether a debtor should arrange for early sale of a property or hold it with a view to generating on-going cash flow, is determined on a case-by-case basis. Individual asset strategy is guided by cost-benefit analysis and by the objective of obtaining maximum return for the taxpayer.