NAMA Debtor Agreements

Dáil Éireann Debate, Wednesday - 10 October 2012

Wednesday, 10 October 2012

Ceisteanna (56)

Pearse Doherty

Ceist:

56. Deputy Pearse Doherty asked the Minister for Finance if he will confirm that details of loans managed by the National Asset Management Agency and its debtors are confidential, and that in relation to any specific NAMA debtor, details of the sums outstanding on loans and the value of collateral and specifically if the sums outstanding on loans are greater than the value of collateral, are not details that are publicly available, or which would be provided by NAMA to a Minister. [43751/12]

Freagraí scríofa

Minister for Finance

I am advised by the National Asset Management Agency (NAMA) that information relating to its debtors and to properties within their control is, within the meaning of Sections 99 and 202 of the NAMA Act 2009, confidential and that it is therefore precluded from disclosing such information to third parties. In the case of property under the control of debtors, NAMA is precluded, under Section 202 of the NAMA Act, from disclosing confidential information.

Confidential information is specifically defined to include information relating to debtors. Furthermore, Section 99 of the Act provides that, on acquisition of a loan, NAMA takes over the obligations of the participating institutions under the loan, one of which is the contractual duty of confidentiality which the debtor enjoyed while still a customer of the participating institution. Information about debtors or their properties is also protected against disclosure by the Data Protection Act, which NAMA must comply with as data controller.