Results 1-20 of 128 for nama speaker:Paschal Donohoe

Written Answers — Department of Finance: National Asset Management Agency (13 Jan 2021)

Paschal Donohoe: As the Deputy will be aware, NAMA does not typically own or sell properties, rather NAMA owns loans for which the properties act as security. Secured properties remain in the ownership and control of their registered owners, or appointed receivers where applicable. These parties also manage the sales process. As regards the property referenced by the Deputy, I am advised that the property...

Written Answers — Department of Finance: NAMA Legal Cases (5 Feb 2019)

Paschal Donohoe: Section 172(3) of the NAMA Act 2009 is a legal provision preventing any interest in property held as security for loans acquired by NAMA from being sold back to defaulting debtors, or persons acting on behalf of defaulting debtors. In order to ensure compliance with Section 172(3), I am advised that NAMA has a policy of obtaining written confirmation from purchasers of NAMA-secured...

Written Answers — Department of Finance: NAMA Portfolio (10 Oct 2017)

Paschal Donohoe: The Deputy will be aware that NAMA does not, in general, own property.  Rather, NAMA acquired loans for which the properties act as security. Under Sections 99 and 202 of the NAMA Act,  NAMA is prohibited from disclosing confidential debtor information, including information on the location and type of assets owned by debtors. It is therefore not possible to identify...

Written Answers — Department of Finance: National Asset Management Agency (31 Mar 2022)

Paschal Donohoe: All NAMA staff are employees of the NTMA and are assigned to NAMA by the NTMA in line with Section 42 of the NAMA Act 2009. Other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are typically employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires their particular function. Staff assigned to NAMA...

Written Answers — Department of Finance: NAMA Portfolio (15 Oct 2019)

Paschal Donohoe: As the Deputy may be aware, NAMA does not own property, rather NAMA has acquired loans for which properties act as security. I am advised by NAMA that its debtors and receivers control a small number of properties in Newbridge, County Kildare.  Under Sections 99 and 202 of the NAMA Act, NAMA is prohibited from disclosing confidential debtor information, including information on...

Written Answers — Department of Finance: Defective Building Materials (18 Oct 2022)

Paschal Donohoe: I wish to remind the deputy that NAMA was established as an independent commercial body and as Minister for Finance, I do not have a role in its operations or decisions. As the deputy will be aware, NAMA does not own property, rather NAMA owns loans relating to property and the properties themselves act as security for the loans. Properties commonly referred to as “NAMA...

Written Answers — Department of Finance: NAMA Property Construction (19 Apr 2018)

Paschal Donohoe: At the outset, it is important to note that NAMA does not build residential property. Instead, where commercially viable, it funds residential delivery on sites controlled by its debtors and receivers. In late 2013, NAMA indicated that it aimed to fund the delivery of 4,500 homes on lands controlled by NAMA debtors and receivers over the period to end-2016. By end-2016 this target had...

Written Answers — Department of Finance: National Asset Management Agency (26 Apr 2022)

Paschal Donohoe: By virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to secured assets or confidential arrangements reached with debtors. While NAMA is legally constrained from providing detailed responses to the issues set out in the Deputy’s query, NAMA advises that assertions contained...

Written Answers — Department of Finance: NAMA Staff Data (30 Nov 2017)

Paschal Donohoe: As outlined in my response to Dáil Question No. 199 of 20 September 2017, the NAMA voluntary redundancy scheme, which includes a retention element, was established to help safeguard NAMA’s performance, aid the Agency in retaining its operational capabilities through the retention of key staff during the course of its disposal strategy, and allow NAMA to fulfil its objective...

Written Answers — Department of Finance: National Asset Management Agency (15 Jun 2021)

Paschal Donohoe: The Deputy will be aware that, under sections 99 and 202 of the NAMA Act 2009, NAMA is unable to divulge confidential information regarding NAMA debtors or their assets, or commercial transactions in which they are involved. Notwithstanding these statutory and legal limitations, I am advised by NAMA that there have been limited sales of loans and assets to one of the three named parties....

Written Answers — Department of Finance: State Aid Investigations (13 Jul 2017)

Paschal Donohoe: In late 2015, a complaint was submitted to the Competition Directorate of the European Commission (DG Comp) by a small number of property developers - including some former NAMA debtors - alleging that there may be state aid implications to NAMA's providing financing for the development of commercially viable residential projects by some of NAMA's debtors and receivers. NAMA and...

Written Answers — Department of Finance: NAMA Portfolio (16 Jan 2018)

Paschal Donohoe: The Deputy will be aware that NAMA does not own property. Instead NAMA acquired loans and its role is as a secured lender. The property itself continues to be owned and managed by the property owner, or receiver where one has been appointed. Sections 99 and 202 of the NAMA Act 2009 preclude NAMA from disclosing information relating to NAMA debtors, their finances and their property. As...

Written Answers — Department of Finance: NAMA Legal Cases (11 Dec 2018)

Paschal Donohoe: The Deputy will be aware that Section 172(3) of the NAMA Act 2009 is a legal provision preventing any interest in property held as security for loans acquired by NAMA from being sold back to defaulting debtors, or persons acting on behalf of defaulting debtors. In order to ensure compliance with Section 172(3), I am advised that NAMA has a policy of obtaining written confirmation from...

Written Answers — Department of Finance: National Asset Management Agency (6 Jul 2021)

Paschal Donohoe: All NAMA staff are employees of the NTMA as Section 42 of the National Asset Management Agency Act, 2009 provides that the NTMA shall assign staff to NAMA. Other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires their particular function. ...

Written Answers — Department of Finance: National Asset Management Agency (25 Feb 2021)

Paschal Donohoe: NAMA was established with a very specific legal mandate, which was approved by the European Commission in 2010, to deal expeditiously with its acquired loan portfolio and to extract best value from that portfolio. NAMA has been successful in achieving this mandate and has now entered into the final phase of this work. In relation to the delivery of residential housing, it is important to...

Ceisteanna - Questions - Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: NAMA Loans Sale (22 Nov 2018)

Paschal Donohoe: The Deputy is correct that the NAMA legislation lays out the objectives by which NAMA must ensure any transaction meets certain criteria. However, deeming whether the criteria are met is work for NAMA and it then has a relationship with the Comptroller and Auditor General on the oversight of its operations. That is where the key statutory oversight facility is. It is with the Comptroller...

Written Answers — Department of Finance: National Asset Management Agency (23 Sep 2020)

Paschal Donohoe: The Deputy will be aware that NAMA does not generally own properties; rather NAMA owns loans for which the properties act as security. I am advised that NAMA debtors and receivers own an estimated 675 hectares of land suitable for residential development in Ireland. NAMA regularly assesses the feasibility of these sites and, where development is deemed commercially viable; NAMA provides...

Written Answers — Department of Finance: NAMA Transactions (14 Feb 2019)

Paschal Donohoe: I am advised that Section 172(3) of the NAMA Act is a legal provision preventing any interest in property held as security for loans acquired by NAMA from being sold back to defaulting debtors, or persons acting on behalf of defaulting debtors. NAMA has a policy of obtaining written confirmation from purchasers of NAMA-secured assets confirming that they are in compliance with Section 172(3)...

Written Answers — Department of Finance: NAMA Operations (29 Jun 2017)

Paschal Donohoe: The Deputy will be aware of my response to Parliamentary Question 246 of 20 June 2017 regarding the same topic. In that response I explained that NAMA is required, under Section 10 of the NAMA Act 2009, to obtain the best financial return from its acquired loans. I also explained in my previous response that, among the measures adopted to achieve this statutory objective, NAMA enters...

Written Answers — Department of Finance: State Aid Investigations (30 Nov 2017)

Paschal Donohoe: In late 2015, a complaint was submitted to the Competition Directorate of the European Commission (DG Comp) by a small number of property developers - including some former NAMA debtors - alleging that there may be State aid implications to NAMA's providing financing for the development of commercially viable residential projects by some of NAMA's debtors and receivers. As the...