Results 181-200 of 7,473 for nama

Written Answers — Department of Finance: National Asset Management Agency (3 Nov 2020)

Paschal Donohoe: I wish to advise the Deputy that Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that I, as Minister, have no role in relation to its commercial operations or decisions. Nor am I a party to commercial transactions in which NAMA is engaged. I am advised by NAMA that, in relation to the asset concerned, a commercial process remains...

Written Answers — National Asset Management Agency: National Asset Management Agency (15 Nov 2011)

Michael Noonan: NAMA has a commercial mandate to obtain the best achievable financial return on behalf of the State. It has emphasised repeatedly that one of its objectives is to instigate the sale of properties by its debtors and in order to facilitate this, it approves the sale of properties by debtors at realistic current market prices. In terms of determining an appropriate current level of pricing for...

Written Answers — Department of Finance: NAMA Property Construction (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 262, 268 and 270 together. Firstly it must be pointed out that NAMA does not own property, and it is not a builder or a developer, nor has NAMA chosen to become one as the Deputy suggests.  NAMA's role in relation to property is, like a bank, that of a secured lender.  As set out in Section 10 of the NAMA Act, NAMA's mandate as a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Pearse Doherty: Okay, I want to focus on unenforceable securities. You'd be aware in terms of the NAMA test ... NAMA testimony and what's transcribed from the transfer of known loans to NAMA, hat there were €811 million of loans that were transferred to NAMA across the financial institutions that had unenforceable securities. From AIB's point of view, it made up €164.6 million and that was...

Written Answers — Department of Finance: NAMA Social Housing Provision (16 May 2018)

Paschal Donohoe: It is important to note that assets often referred to as "NAMA land" or "NAMA properties" are not owned by NAMA.  NAMA owns loans.  Such property is owned by private persons who owe money to NAMA ("NAMA debtors") and serves as collateral for those amounts owed. All borrowers have the right to maximise the value of the property which secures his/her loan.  NAMA cannot force a...

Written Answers — Department of Finance: National Asset Management Agency (13 Feb 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners, or appointed receivers in the case of enforcement, and these parties are responsible for the sale of secured properties. I am advised that NAMA retains a...

Written Answers — Department of Finance: NAMA Operations (20 Mar 2013)

Michael Noonan: As the deputy is aware NAMA has acquired loans and is not the owner or operator of properties. The Agency’s role is that of a secured lender. NAMA appointed a panel of property valuers in 2009 to assist in the valuation of property that was security for loans being acquired and that this process has now concluded. Other than properties that have been enforced, all of which are listed...

Written Answers — Department of Finance: National Asset Management Agency (20 Jan 2022)

Paschal Donohoe: I propose to take Questions Nos. 170 and 171 together. As the Deputy will be aware, NAMA does not typically own or sell properties, rather NAMA owns loans for which properties act as security. Secured properties remain in the ownership and control of their registered owners, or appointed receivers where applicable. These parties are responsible for all matters relating to the management of...

Written Answers — Department of Finance: NAMA Property Rental (27 Jan 2015)

Michael Noonan: NAMA's Guidance Note on Upwards Only Rent Reviews, which has been in place since December 2011, is available on the NAMA website, , and sets out for tenants both the process involved in making an application for rent abatement through a NAMA debtor or receiver and the financial information that must be submitted alongside such an application.  NAMA can only assess applications submitted...

Written Answers — Department of Finance: NAMA Staff Data (24 Sep 2015)

Michael Noonan: I am advised by NAMA that to date no staff member has left due to redundancy and therefore no payments have been made under the NAMA redundancy programme. As previously advised,  the NAMA Board has projected based on its current strategy that the total number of staff assigned to NAMA will reduce from 342 currently to 291 by the end of this year and to 125 by the end of 2016 subject to...

Written Answers — Department of Finance: NAMA Transactions (5 Jul 2017)

Paschal Donohoe: The Deputy will be aware that Section 9 of the NAMA Act 2009 provides that NAMA is independent in the performance of its functions and that I, as Minister for Finance, have no role in relation to its commercial decisions.  I am advised by NAMA that it is satisfied that it obtained the best achievable financial return from this transaction.  The Deputy will also...

Written Answers — Department of Finance: National Asset Management Agency (20 Nov 2012)

Michael Noonan: The National Asset Management Agency (NAMA) has no employees. Rather, under Section 42 of the NAMA Act 2009, the National Treasury Management Agency (NTMA) assigns staff to NAMA. I am informed by the NTMA that a company car and health insurance are included in the remuneration package of the NAMA CEO. The value of these benefits (€24,483 in 2011) is published in NAMA’s...

Written Answers — Department of Finance: National Asset Management Agency (11 Dec 2012)

Michael Noonan: I do not intend to go beyond the extensive information that NAMA, based on legal advice, has already made publicly available on this matter. On 27th November, NAMA published, in line with the commitment by the NAMA Chairman at the recent meeting of the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, the detail of a report by its internal auditors, Deloitte, on the...

Seanad: Nithe i dtosach suíonna - Commencement Matters: National Asset Management Agency (18 Nov 2021)

Seán Fleming: I thank the Deputy for raising the issue in relation to NAMA, which has been ongoing for a number of years. NAMA was given a difficult job to do when it was established as an independent commercial body with a very specific legal and commercial mandate, which was approved not just by the Dáil and the Seanad, but specifically by the European Commission, in 2010. It is following its...

Written Answers — Department of Finance: NAMA Debtors (24 Sep 2013)

Michael Noonan: I am advised by NAMA that it does not pay a salary to any debtor. NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. However as part of the debtor business plan, debtors retain an agreed portion of this income to cover business overheads. In certain circumstances, debtors are allowed a salary out of...

Written Answers — Central Bank Guidelines: Central Bank Guidelines (6 Jun 2012)

Michael Noonan: ...published in December 2011 were for the financial institutions covered by the ELG scheme to follow in the development and application of their impairment provisioning frameworks. Under the NAMA Act 2009, NAMA is not regulated by the Central Bank and it follows that Central Bank guidelines do not apply to NAMA. However, I am advised by NAMA that it has carried out a review of its impairment...

Public Accounts Committee: Business of Committee (18 Jun 2015)

Joe Costello: We discussed this when Department of Finance officials appeared before the committee a few weeks ago. I extended the discussion from IBRC to NAMA because of the possibility of the linkage there. Given that NAMA was established in 2010 with a ten-year remit, we are now 50% of the way through. As no market existed at the time and NAMA was seeking to bring about a market and therefore...

Written Answers — National Asset Management Agency: National Asset Management Agency (14 Jul 2011)

Michael Noonan: I am informed by NAMA that the contractual details of all contracts between the agency and individual service providers are negotiated on a case-by-case basis, are commercially sensitive and are confidential. I am advised by NAMA that legal and consultancy fees incurred in 2009 in setting up NAMA were €1.63m and relate to legal and consultancy expenses associated with the establishment of...

Written Answers — Department of Finance: NAMA Staff Data (24 Oct 2017)

Paschal Donohoe: I propose to take Questions Nos. 20 and 21 together. I wish to advise the Deputy that disclosures furnished by NTMA employees who are assigned to NAMA, pursuant to section 42(3) of the NAMA Act 2009, are considered by the NTMA in conjunction with NAMA, prior to their assignment, to ensure compliance with section 42(2) of the Act. This section requires the NTMA to ascertain, to its...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Pearse Doherty: Okay, in relation to NAMA and I know you mentioned NAMA bonds on page 7 of your statement in paragraph 3, and I am also aware that you weren't at AIB at the time of the transfer of the loans to NAMA, but you were there while AIB held the NAMA bonds. Can you tell the committee for what purpose did AIB use the NAMA bonds? How did they work? What were the steps involved?

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