Tuesday, 12 March 2013

Questions (152)

Mary Lou McDonald

Question:

152. Deputy Mary Lou McDonald asked the Minister for Finance if developers' salaries set by the National Asset Management Agency will be reduced in 2013, 2014, 2015 and 2016; and, if so, if he will outline the reductions. [12353/13]

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Written answers (Question to Finance)

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 where this is necessary to preserve the value of the assets securing NAMA’s loans. NAMA advises that operating cost allowances are reviewed as part of its regular review of each debtor’s performance. NAMA advises that these reviews include consideration of developments in the wider economy and that debtors are not immune to these wider considerations.