Dáil Éireann Debate, Wednesday - 17 September 2014
283. Deputy Stephen S. Donnelly asked the Minister for Finance the frequency with which the National Asset Management Agency issues running accounts or statements of account to its borrowers; the way that frequency compares with traditional lenders such as the banks whose loans NAMA has acquired; the practices NAMA adopts in this area; his views on NAMA’s practices; and if he will make a statement on the matter. [34264/14]
View answerI am advised that NAMA outsources its loan administration activity to participating institutions or third party service providers (collectively termed primary servicers) and that it requires those parties to comply fully with best practice when implementing NAMA's primary servicing or loan account management activity, including the issuance of statements to borrowers. NAMA actively manages the provision of services on its behalf by the participating institutions and third party providers. NAMA's primary servicers are obliged to issue statements to borrowers in accordance with standard banking practice and also in line with the practice that applied in each participation institution prior to NAMA's acquisition of the loans.
