NAMA Loan Book

Dáil Éireann Debate, Wednesday - 26 June 2013

Wednesday, 26 June 2013

Questions (80)

Pearse Doherty

Question:

80. Deputy Pearse Doherty asked the Minister for Finance the reason the National Asset Management Agency did not take on outstanding development levies owed by developers when bad loans were transferred to the agency; and in view of the fact that these outstanding levies are now considered to stand at €750 million and some individual councils are trying to pursue individual householders, if he has considered the possibility of NAMA dealing with local authorities in cases in which the outstanding debt is from a developer who is now in NAMA, with a view to transferring the debt at a discount into NAMA. [30872/13]

Written answers

Minister for Finance

NAMA has acquired loans from the Participating Institutions that are secured, in the main, on unsold property at time of acquisition. I am advised by NAMA that, in respect of such unsold property, it requires its debtors and receivers to comply with all statutory obligations. NAMA advises that this includes the payment of development levies as they fall due, on foot of a valid planning permission, for development. NAMA further advises that it works closely with debtors and receivers to ensure that any such liabilities are appropriately addressed. NAMA’s role relates only to those properties that secure its acquired loans. It has no role in relation to other properties, including any properties sold prior to its acquisition of loans from the Participating Institutions.