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NAMA Court Cases

Dáil Éireann Debate, Thursday - 18 July 2013

Thursday, 18 July 2013

Questions (127, 169)

Michael McGrath

Question:

127. Deputy Michael McGrath asked the Minister for Finance if he will provide details of the number of court cases that the National Asset Management Agency has taken, or plans to take, to secure reversal of asset transfers by NAMA debtors which the agency believes were designed to put assets beyond its reach; if he will provide a breakdown of the type of assets which have been returned to the agency thus far including cash, property and so on; and if he will make a statement on the matter. [36347/13]

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Michael McGrath

Question:

169. Deputy Michael McGrath asked the Minister for Finance the number of legal proceedings that the National Asset Management Agency is currently a party to; the number of different law firms representing NAMA in these cases; the legal cases including debt collection, reversal of asset transfers and so forth; the anticipated amount to be spent in 2013 on legal costs; and if he will make a statement on the matter. [36677/13]

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Written answers

I propose to take Questions Nos. 127 and 169 together.

I am advised by NAMA that it has instigated proceedings for the recovery of debt against a number of NAMA debtors, including the initiation of actions for the reversal of asset transfers, actions arising from bankruptcy proceedings and high value repossessions, and that there are currently 33 such proceedings on-going. The Deputy may wish to refer to the NAMA Annual Report and Financial Statements for 2012, which is available on NAMA’s website, www.NAMA.ie. Pages 25-26 of the 2012 Report contain detail on the value and type of additional assets over which the Agency has obtained security, including the reversal of recent asset transfers to relatives and others, and the processes by which the Agency has obtained this security.

Details of NAMA’s legal panels, from which the Agency procures legal services, are available on the NAMA website, www.nama.ie. In addition, the Deputy may wish to refer to my response to a recent Parliamentary Question 274 of the 26th of April 2013, in which I provided details of the legal fees incurred by NAMA to end-2012.

NAMA’s projected budget for 2013, including projected legal costs, is set out in the Agency’s Section 53 Annual Statement for 2013, which is also available on the NAMA website, www.nama.ie.

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