Dáil Éireann Debate, Tuesday - 13 March 2012
137 Deputy Gerry Adams asked the Minister for Finance, in view of the IMF’s claim that the National Asset Management Agency had a €3.1 billion target for the disposal of assets in 2011, if he will advise if NAMA has targets for the disposal of assets in 2012 and 2013; and if any such annual targets can be quantified. [13535/12]
Amharc ar fhreagraThe IMF has indicated a specific sales target for NAMA of €3.1bn in its March 2012 staff report. NAMA does not have specific annual targets for approved sales for each year up to 2013. However, NAMA advises that it has developed expected levels of cumulative approved sales as broad internal guidelines to ensure that it can reach its target of repaying €7.5bn of debt by 2013. These cumulative levels of expected approved sales are set at €7bn for end-2012 and at €9bn for end-2013. Levels of approved sales at year end will differ from actual sales at year end as in the property market there is typically a lag of about six months between sales approval and sales completion.
138 Deputy Gerry Adams asked the Minister for Finance if he will confirm if the National Asset Management Agency’s target of repaying 25% of its debts by the end of 2013 has become a term of the bailout agreement with the troika; and if he will make a statement on the matter. [13536/12]
Amharc ar fhreagraThe NAMA Board initially set itself the target of repaying €7.5bn of its debt by end 2013. By agreement, the May 2011 Memorandum of Understanding with the European Central Bank, European Commission and International Monetary Fund included a target for the disposal of assets equating to approximately €7.5bn in cash by end 2013. As a consequence this target is now a commitment under the agreement with the Troika. The Troika seeks progress reports on the asset disposal target at the quarterly meetings with NAMA.
