Michael McGrath
Ceist:90. Deputy Michael McGrath asked the Minister for Finance the position on NAMA selling back loan notes to the NAMA debtor; and if he will make a statement on the matter. [29321/18]
Amharc ar fhreagraTuesday, 3 July 2018
Ceisteanna (90)
Freagraí scríofa
I wish to inform the Deputy that NAMA’s objective, under Section 10 of the National Asset Management Agency Act 2009 (NAMA Act), is to obtain the best achievable return for the State from the loans it has acquired. In this context, I am advised that NAMA considers each proposal in relation to the purchase of its loan notes on its individual merits and a decision to accept or reject any particular proposal depends on (i) NAMA’s assessment of whether the proposed transaction would achieve the best return compared to feasible alternative strategies, (ii) the execution risk inherent in the proposal; and (iii) that the proposal is compliant with all legal obligations relating to Section 172(3) of the NAMA Act.
Section 172(3) of the NAMA Act precludes NAMA from selling loans or property to a defaulting debtor or to parties connected to a defaulting debtor. In order to satisfy itself as to compliance this section, purchasers of NAMA loans or secured property are required by NAMA to provide a written confirmation, warranty or sworn declaration that they are not connected to the debtor or other obligors such as would be prohibited under Section 172(3) of the NAMA Act.