Dáil Éireann Debate, Tuesday - 1 June 2010
179 Deputy Richard Bruton asked the Minister for Finance if he has received a copy of the first quarterly report of the National Asset Management Agency; and if, in the context of this report, he has issued any guidelines, directions or requests for specific information. [23287/10]
Amharc ar fhreagraNAMA is required, under the National Asset Management Agency Act 2009, to make quarterly reports to the Minister for Finance. The first quarterly report, for the period ending 31 March 2010, is to be submitted to me on or before 30 June 2010. Section 55(6) of the Act sets out the information to be included in each quarterly report. On receipt, it will be laid before each House of the Oireachtas as specified in the legislation.
On receipt of the first quarterly report, it will be open to me to determine if any further guidelines, directions or requests for information are required.
180 Deputy Richard Bruton asked the Minister for Finance if the National Asset Management Agency has submitted to him codes of practice, a revised business plan, requests for staff or funding and a policy statement; and if he will outline whether it has met all of the schedules set out in the Act or requested by him in respect of such documents. [23288/10]
Amharc ar fhreagraIn accordance with section 35 of the National Asset Management Agency Act 2009, NAMA, within three months of its establishment, submitted codes of practice for my approval on the conduct of officers of NAMA, servicing standards for acquired bank assets, risk management, disposal of bank assets and the manner in which NAMA is to take account of the commercial interests of credit institutions that are not participating institutions. These codes are being reviewed. Once finalised and approved, they will be published on the NAMA website.
The Board of NAMA has committed to the production of an updated NAMA business plan, which it will submit to me by the end of June. It will then be published by the Board of NAMA.
All officers of NAMA are staff of the NTMA and, as such, the issue of staffing requests to my Department does not arise.
In response to requests from NAMA, two advances from the Central Fund have been made for the purpose of providing the Agency, under Section 46(2) of the National Asset Management Agency Act, with funding necessary for the performance of its functions. The first was an advance of €49 million to enable NAMA to subscribe for its shareholding in the NAMA SPV. The second was an advance of €250 million, which must be repaid to the Central Fund by 31 October 2010, to provide the Agency with a liquidity buffer to meet working capital demands pending the establishment of its own funding programme.
NAMA has complied with all deadlines set out in the Act.
181 Deputy Richard Bruton asked the Minister for Finance if he has met with the chairman of the board or chief executive of the National Asset Management Agency to discuss the progress made and its ability to meet various schedules for the acquisition of loans and other associated activities; and if he will make a statement on the matter. [23289/10]
Amharc ar fhreagraI am advised by NAMA that it expects to acquire the remaining loans from the participating institutions by the end of February 2011 at the latest. Officials of my Department are working in close co-operation with NAMA and I am informed that the transfer process is on track to meet this deadline. I have not personally met with the Chairman or Chief Executive Officer of NAMA to discuss this particular issue.
