Peter Power (Limerick East, Fianna Fail)

I was just making the point that what is needed by the Oireachtas is not the names of the individuals, although there is an understandable desire, I suppose, among everybody for that. The Oireachtas needs to establish on an ongoing basis whether NAMA is doing its job correctly and carrying out its aims and objectives in accordance with the principles and policies as set out in the earlier sections of the Act. In order to make that commentary by the Oireachtas, or a committee of the Oireachtas, it is the information that is required.

I will go through that information again. The information will set out the loans outstanding and the condition of these loans, their quality, the extent to which they are impaired, partially or fully, and to what extent they are performing at any given time, and distinguish between the degree of default and whether the degree of default would relate to capital payments or to outstanding interest repayments. Much of the discussion on Second Stage related to whether the Government was buying loans which had rolled-up interest on them or which dealt with the outstanding capital amount. That sort of information is important for the Oireachtas to see the work being carried out by NAMA.

The other information that would be relevant is the number of loans which have been foreclosed and the loans which are being enforced, in other words, the loans which are owned by NAMA and in respect of which it is invoking the relevant provisions of those loan agreements and those mortgages to apply the recovery mechanisms on those loans, such as foreclosure, the appointment of an examiner, the appointment of a receiver, the application to the court to appoint a liquidator, etc.

The crucial piece of information, which relates to the point Deputy Bruton made earlier which I neglected to address, is the list of all legal proceedings commenced by NAMA and each NAMA group entity on bank assets during the quarter, setting out, for each of those proceedings, the title of the proceedings, which would include the parties and the borrowers, as Deputy Bruton would know, the reliefs which were sought by NAMA and the group entity concerned and a schedule of any finance raised by NAMA or group entity in that relevant quarter, the sums recovered from property sales in the relevant quarter, income on interest-bearing loans, an abridged balance sheet of the assets and liabilities of NAMA and each NAMA group entity, a complete schedule of the income and expenditure of NAMA and each group entity and an updated schedule of all information referred to in subsections (2) and (3) of section 52, and any other information required by the Minister.

I am setting out in detail that it is the information that is the important aspect of this. It is the information, and the various categories of information, that allows the Oireachtas to make its decision and its commentary ultimately.

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