Results 1-14 of 14 for nama segment:5055573
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that it proposes to sell property at arm's length to Qualifying Investor Funds which will not be under its control and that it is not normal practice for the seller in such instances to have access to the list of shareholders in the funds. Section 172(3) of the NAMA Act operates to prohibit developers, or companies they control, whose loans have been transferred to NAMA...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: As a key stakeholder in both jurisdictions NAMA has been involved in pieces of research by the Department of Environment, Community and Local Government and the University of Ulster in mapping land supply and demand. I am advised by NAMA that it is interested in these projects in particular as the outputs of these projects can deliver inherent benefits in terms of guiding strategic decision...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that the decision as to whether to work with a debtor or to appoint a receiver is primarily determined by NAMA's assessment, in line with its commercial mandate, of how it can best optimise debt recovery for any particular debtor. If it decides that debt recovery is best achieved by working with the debtor, it is NAMA's practice to allow debtor companies to retain...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I can confirm that section 225 of the NAMA Act 2009 remains in effect. However, this provision would only come into operation in the event of underlying losses made by NAMA. The section does not operate until the conclusion of NAMA's operations and the overall position of the taxpayer will be taken into account when considering the application of any surcharge. Any decision will be made...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Pearse Doherty: ...75: To ask the Minister for Finance if he will confirm that in addition to developer salaries, the National Asset Management Agency also agrees overhead levels at developers' companies and if NAMA can quantify the total annual overheads agreed; if NAMA can relate those total overheads to the value of assets managed by these developers' companies; and if NAMA can compare these overheads...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that the cumulative total proceeds from the sales of assets to Q3 2011 is â¬2.7 billion. The proceeds from the sale of assets includes the sale of property collateral related to loans acquired by NAMA and the sale of acquired loans to third parties. I am advised that where property collateral is disposed of, the proceeds are generally applied to reduce the outstanding...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that loans acquired by NAMA to the value of â¬13bn have been approved by the EU Commission to date. This represents the first two tranches and roughly â¬27bn of par debt. The remaining loans which constitute the third and final tranche of loans acquired by NAMA are currently being processed and the details are being provided to the Commission on the completion of due...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Pearse Doherty: ...Agency plans given to the Troika in May 2011 is via a letter of Intent signed by him and governor of the Central Bank of Ireland, Patrick Honohan which states we will ensure that the costs of NAMA operations are reduced and that NAMA constructively contributes to the restoration of the Irish property market in the course of meeting the asset disposal targets established and monitored by...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Pearse Doherty: ...Minister for Finance if he will confirm if developers whose loans have been transferred to the National Asset Management Agency and whose loans are in default may participate in the purchase of NAMA property through the NAMA Qualified Investment Funds. [16007/12]
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that no application for costs of the legal case mentioned has yet been received by the Office of the Chief State Solicitor and that NAMA have not made a provision for such legal costs.
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I am advised by NAMA that by the end of February 2012, the agency had approved an amount of working and development capital of â¬1,126 million. 45% of this amount or â¬506 million related to this State. As at the end of February 2012, of those monies approved by NAMA, it had actually paid over â¬757 million of which 45% or â¬341 million related to this State.
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Pearse Doherty: Question 67: To ask the Minister for Finance if he will confirm that the provisions of the National Asset Management Agency Act set out under section 225, which stipulate that any loss made by NAMA over its operating lifetime will be recouped from the so-called participating institutions, are still in effect; and if he will confirm that any eventual NAMA loss will be recouped from those...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Michael Noonan: I can confirm that the troika commitments regarding NAMA are included in the May 2011 Programme documents which concern NAMA's governance, operational costs and asset disposal targets. These commitments are included in the May 2011 Memorandum of Economic and Financial Policies and not in the Letter of Intent. As regards NAMA's debt, I would say that NAMA has purchased loans at a significant...
- Written Answers — National Asset Management Agency: National Asset Management Agency (22 Mar 2012)
Pearse Doherty: ...given by the European Commission to the acquisition of loans by National Asset Management Agency; and the reason there has not been any approval given by the EC to the acquisition of â¬47bn of NAMA loans. [16006/12]