Dáil Éireann Debate, Wednesday - 25 April 2012
55 Deputy Pearse Doherty asked the Minister for Finance if he will confirm that the National Asset Management Agency is not required to redeem its senior debt until 2020 and that NAMA is paying a rate of interest on its senior debt equal to the six-month EURIBOR rate; and if NAMA is entitled to invest its cash reserves in projects which support the Irish economy pursuant to sections 2 and 12 of the NAMA Act. [20799/12]
Amharc ar fhreagraThe ECB did not provide loans to NAMA to acquire assets from the participating institutions. NAMA issued Senior Notes to the Participating Institutions which can be extended annually subject to the agreement of the note holders. NAMA has already redeemed €1.25bn of these Notes. I am advised that the objective of the NAMA Board is to redeem all Senior Notes on a phased basis by the end of 2020. NAMA also advises me that it pays interest on its senior debt at the same rate as the six-month Euribor rate, which is reset in March and September. Under the NAMA Act 2009, NAMA may invest funds to protect or enhance the value of the collateral securing its loans. Where it considers that it makes commercial sense to do so, NAMA may advance funds to projects, including projects located in Ireland, under the control of its debtors or receivers.
56 Deputy Pearse Doherty asked the Minister for Finance of the 24 applications received for the National Asset Management Agency board appointment in March 2012, the date the last application was received. [20802/12]
Amharc ar fhreagraThe closing date for expressions of interest in appointment to the NAMA Board was 6 March 2012. I can confirm that 24 expressions of interest were received on that date. No further expressions of interest were received after that date.
