Written Answers. - Parliamentary Debates - Houses of the Oireachtas

Questions— 14 February 2012. Written Answers
NAMA informs me that arrangements which have been in place to allow income to be retained
or to provide funds to meet overheads no longer apply after receivers have been appointed
over a debtor’s assets.
NAMA informs me that its credit approval process requires debtors to obtain NAMA authorisation
for expenditure. NAMA does not authorise expenditure by debtors on legal actions
intended to prevent enforcement action. Nor does it authorise the retention of income in cases
where proceedings have commenced.
As of end-September 2011, the percentage of performing loans in the NAMA portfolio was
21%. Debtors with performing loans make payments of interest and principal from their
income-producing assets to NAMA and, in certain cases, they may also, with authorisation
from NAMA, retain part of the income from these assets to pay overheads, including salaries.
NAMA advises me that the number of debtors who have one or more performing assets is
not readily available. NAMA has undertaken to provide me with this information and, accordingly,
I will issue a reply to the Deputy as soon as the information is to hand.
152. Deputy Gerry Adams asked the Minister for Finance the number of borrowers in
NAMA who have one or more assets in NAMA that receives rental income from the State, a
State owned entity or semi-State entity; and if he will make a statement on the matter.
[7695/12]
Minister for Finance (Deputy Michael Noonan): I am informed by NAMA that details
regarding NAMA borrowers who have assets producing rental income from the State, State
entities or semi-State entities are not yet available. However, NAMA informs me that the
loan due diligence process is currently approaching completion and a database with detailed
information on the collateral securing acquired loans, including lease arrangements, is in the
process of being developed. The Agency expects to have the type of information sought by the
Deputy later in the year.
153. Deputy Gerry Adams asked the Minister for Finance if he will detail the processes and
procedures by which loans shall be assigned to any of the 16 loan sale advisers which have
already been appointed by the National Asset Management Agency; the number of employees
in NAMA who formerly worked for any of the loan sale advisers appointed on the panel; if he
will name any of the loan sale advisers appointed for whom no NAMA employee has ever
worked for; if he will detail the names of the loan sale advisors where NAMA employees have
previously worked and will be directly or indirectly responsible to in the decision making process
for determining which broker shall be appointed for which loan sale; and if he will make
a statement on the matter. [7697/12]
154. Deputy Gerry Adams asked the Minister for Finance if he will detail which month or
quarter of 2012 that NAMA has targeted to sell on the US and European loans where they
have appointed 16 loan sale advisers; and if he will make a statement on the matter. [7698/12]
Minister for Finance (Deputy Michael Noonan): I propose to take Questions Nos. 153 and
154 together.
NAMA has appointed two panels of Loan Sale Advisors for both Europe (including UK)
and the US to assist the agency in selling acquired loans that are linked to assets in those
markets. There are 13 firms on the Europe panel and 10 firms on the US panel. Seven firms
are common to both panels, which means that there are 16 firms in total.
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