Dáil Éireann Debate, Tuesday - 12 June 2012
221 Deputy Pearse Doherty asked the Minister for Finance further to the recent publication of a special report by the Comptroller and Auditor General, if the National Asset Management Agency has submitted revised projections of its outturn by 31 March as indicated by the report; if so, if it remains NAMA’s belief that it will break even under its baseline scenario. [27951/12]
Amharc ar fhreagraI am advised that the NAMA Board has recently completed a review of its strategy in light of developments in the Irish economy and in the property market since it published its business plan in July 2010. I am advised that the key factors which the NAMA Board considered critical in terms of the Agency's ultimate profitability included the performance of various economies in which its debtors' assets are located, the timing and sustainability of any recovery in the property market in Ireland, the sustainability of the UK property market, the availability of finance and the extent to which it can maximise the level of income produced by its loans and the property assets securing them. The Chairman of NAMA has had discussions with me and has reaffirmed that it is NAMA's expectation that, over its projected ten-year life, it will redeem, at minimum, the Senior Bonds issued as consideration for acquired loans in addition to recovery of its carrying costs and the working and development capital expenditure it has advanced to debtors.
I have no reason to doubt the Agency's view that it will achieve its targets over its lifetime.
