Dáil Éireann Debate, Wednesday - 12 January 2011
102 Deputy Eamon Gilmore asked the Minister for Finance the nature and extent of asset disposals expected in 2011 by the National Asset Management Agency; and if he will make a statement on the matter. [1377/11]
Amharc ar fhreagraNAMA has its own Board and has a commercial remit and will make decisions on asset disposals on a case-by-case basis with the debtor where disposal is the best option for maximising value. I am advised that the Board of NAMA has set targets that it wants to realise 25% of its portfolio by end 2013 and this has been factored into the Debtor Business Plan process. The rate of progress in this sales process will be impacted by the demand in the market and the availability of purchasers. Section 55 of the NAMA Act 2009 requires NAMA to make a quarterly report to the Minister for Finance within 3 months of the end of the quarter to which the report refers and these reports will be laid before the Houses of the Oireachtas. The quarterly report includes, among other things, information on the number of loans being foreclosed or otherwise enforced and the amount of money recovered by NAMA through the sale of property. The quarterly report for the third quarter has been submitted to me and I expect to lay it before both Houses shortly.
