Dáil Éireann Debate, Tuesday - 24 June 2014
131. Deputy Terence Flanagan asked the Minister for Finance if the National Asset Management Agency is ensuring that its debtors who were property builders or developers are being made to downsize their mansions to smaller homes as part of their settlement with NAMA; and if he will make a statement on the matter. [26602/14]
Amharc ar fhreagraNAMA is obliged to deal with the principal private residences of its debtors on a case-by-case basis by reference, inter alia, to all relevant legislation and the particular security arrangements in place. NAMA advises that its approach is to ensure that any equity in a debtor's principal private residence must be available to NAMA to apply towards debt repayment. Agreements reached with debtors in this context may include a requirement to dispose of their principal private residence and to replace it with one that is appropriate to their means and their financial circumstances.
