I propose to take Questions Nos. 132 to 134, inclusive, together.
I am informed by NAMA that the debtors whose loans were acquired as part of the first and second tranche transfers are at various stages of progress in terms of the submission and review of their business plans. The task of the NAMA Board is to assess, for each debtor, the ultimate viability of that debtor, given the scale of his debts and the quality of the assets securing them.
In the case of the ten Tranche 1 debtors, draft plans have been through a number of iterations and are either being reviewed by the NAMA Board or will be reviewed over the coming weeks. It is reasonable to point out that a review of debtors, some of whom have aggregate debts running into billions, is not an exercise that can be carried out quickly, given the scale and complexity involved. At this stage, many of the Tranche 2 debtors have submitted or are about to submit draft business plans and a similar process is being followed with them.
To the extent that there have been delays in the process, it has been caused by the initial failure of some debtors to submit plans in line with the detailed template provided by NAMA. Some debtors were also asked to revise their original assumptions and projections so as to bring them into line with a realistic outlook for supply and demand for the various asset classes and geographical regions in which they operate.
The Deputy's raises a question in relation to independent business reviewers who have declined assignments offered by NAMA. I understand that a small number of firms have done so and have indicated to NAMA their dissatisfaction with the proposed fee arrangements.