NAMA Debtors

Thursday, 17 December 2015

Questions (156)

Michael McGrath

Question:

156. Deputy Michael McGrath asked the Minister for Finance to provide, in tabular form, the number of National Asset Management Agency debtors to declare themselves bankrupt in each of the years 2008 to date; the country in which they declared themselves bankrupt; the debts owed and the debts owed to the agency in each case; the value of the assets secured by the agency and the amount in unsecured debt received by the agency to date; and if he will make a statement on the matter. [45988/15]

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Written answers

Minister for Finance

Information on NAMA debtor bankruptcy is set out in the following tables by year and jurisdiction.

Bankruptcies per Jurisdiction

Country	2009	2010	2011	2012	2013	2014	2015	Total
Ireland	3	2	3	3	1	5	5	22
GB and NI	1	1	13	29	15	10*	2	71*
U.S.A.	-	-	-	-	2	-	-	2
South Africa	-	-	-	-	-	-	1	1

*Some of these are debtors which transferred as part of the Project Eagle or Project Arrow loan sales.

Bankruptcy Discharges by Jurisdiction

Country	2009	2010	2011	2012	2013	2014	2015	Total
Ireland	-	-	-	-	-	6	4	10

GB and NI	-	-	1	11	24	14	8	58
U.S. A.	-	-	-	-	-	1	-	1

I am advised by NAMA that debtors that have been declared bankrupt had, by reference to the current nominal or par value of loans, exposure through wider debtor connections to aggregate par debt of €8.4 billion.

NAMA's security position is not adversely affected by debtor bankruptcy. In the case of debtors who have been declared bankrupt, NAMA has enforced over the assets that secures its loans and continues to realise these assets in the normal way.

When a debtor is declared bankrupt, the assets available to the bankruptcy trustee are usually the remaining unencumbered/unsecured assets. The role of the bankruptcy trustee is to realise these assets and to make a distribution to all unsecured creditors including any NAMA unsecured balances.

The bankruptcy trustee continues to deal with all outstanding debt, even where a bankruptcy is discharged, until such time as all assets have been realised and the debt, in so far as possible, has been repaid. The bankruptcy trustee can also seek to have the bankrupt contribute from post-bankruptcy earnings through an income payment order.

NAMA reports on debt recoveries in its quarterly and annual financial accounts and does not report separately on recoveries from debtors that have been declared bankrupt. Debt recovery information is highlighted as part of NAMA's reporting on the movement in its loans and receivables balances.