Dáil Éireann Debate, Thursday - 4 December 2014
66. Deputy John McGuinness asked the Minister for Finance in a situation where a borrower has disposed of all assets and has no prospect of repaying the outstanding balance, the procedures or actions that the National Asset Management Agency follows. [46577/14]
View answerI am advised by NAMA that, where a cooperative borrower has consensually sold all available assets, made full disclosure to NAMA and made every reasonable effort to repay debt, NAMA is prepared to consider forbearance on residual debt. NAMA will carry out independent verification of the debtor's statement of affairs and will retain recourse to the debtor for a period so that any future windfall gains or a portion of earnings may be applied towards debt reduction. NAMA will reserve the right to pursue the debtor should it subsequently emerge that full disclosure was not made at the time of the consensual forbearance settlement.
