Results 141-160 of 587 for nama speaker:Michael Noonan

Written Answers — National Asset Management Agency: National Asset Management Agency (2 Nov 2011)

Michael Noonan: NAMA advises me that it does not directly employ developers. NAMA does, however, work with developers where it considers that this will provide the best return to the taxpayer. The alternative is to take enforcement action against a developer, which NAMA has done in 91 cases so far. I understand from NAMA that, as part of its business plan agreements with debtors, it normally looks for and...

Other Questions: NAMA Portfolio (18 May 2016)

Michael Noonan: As the Deputy is aware, the National Asset Management Agency does not own or sell properties.  NAMA acquired loans and the properties that secure these loans are owned by the agency's debtors.  NAMA's legal relationship with these debtors is much the same as a bank's relationship with its mortgage holders where the bank holds a claim against the house as security for...

Written Answers — Departmental Expenditure: Departmental Expenditure (8 Nov 2011)

Michael Noonan: NAMA advises me that in many instances working with the people who know the business will secure a better return for the taxpayer. The Chairman of NAMA said some time ago that while foreclosing on all 850 developers and getting someone else to run the businesses would be the popular option, it would not make commercial sense. It is also the case that employing an external asset manager to...

Written Answers — National Asset Management Agency: National Asset Management Agency (11 Jan 2012)

Michael Noonan: Both the Chairman of NAMA and I have separately explained on several occasions over the past few months that NAMA decides whether or not to work with any particular debtor on the basis of what will generate the maximum return for the taxpayer. NAMA only works with developers where it considers that this will provide the best return to the taxpayer. NAMA will continue to make its decisions on...

Written Answers — Department of Finance: NAMA Operations (22 Oct 2014)

Michael Noonan: I understand from NAMA that the Judge's commentary in the Flynn case does not relate to the provision of statements of account to NAMA borrowers, but rather that statements of accounts were not put in evidence before the court as one means of proving the debt owing. NAMA has confirmed that the Court did not request statements of account during the case, but that they would have been provided...

Written Answers — Department of Finance: NAMA Expenditure (21 Mar 2013)

Michael Noonan: The Deputy will note that the Board of NAMA has primary responsibility for setting strategy in NAMA and for determining and implementing any proposed changes. It is, therefore, a matter for the Board to determine an appropriate strategy for the management of the cash reserves and assets of the Agency. NAMA’s cash reserves are deployed towards repaying its debt, funding capital...

Written Answers — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 155 and 156 together. As previously advised, NAMA, in agreeing business plans it approves the retention of overheads by debtors which include remuneration but at rates much reduced from that previously applied. NAMA deals with about 800 debtor connections, either directly or through the participating institutions acting on its behalf. Each debtor's...

Written Answers — Department of Finance: NAMA Debtors (12 Feb 2013)

Michael Noonan: I propose to take Questions Nos. 231 to 233, inclusive, together. NAMA advises that its role as a secured lender does not extend to determining or restricting the clubs or associations to which individuals debtors may belong. Nor is NAMA in a position to dictate a debtor’s choice of holiday location. NAMA seeks to ensure that income generated by assets securing NAMA loans is...

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 — National Asset Management Agency: National Asset Management Agency (13 Mar 2012)

Michael Noonan: The appointment of this firm to the Corporate Legal Services Panel was announced publicly on the agency's website on 3 January 2012. I am advised by NAMA that this particular firm had in fact been long-standing legal advisors to Treasury Holdings. I am further informed that the firm ceased acting for Treasury Holdings in January 2012 when Treasury Holdings decided to take legal action...

Written Answers — Department of Finance: IBRC Loans (15 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 182 and 183 together. Section 172 of the NAMA Act prevents the sale of assets to defaulting debtors. Prospective purchasers of assets controlled by NAMA debtors and receivers are required to sign a declaration under Section 172 confirming that they are not a connected party within the meaning of that section and of the NAMA Board's Guidance Note on the...

National Asset Management Agency (23 May 2012)

Michael Noonan: I am advised by NAMA that it plans to invest substantial funding over its lifetime in preserving and enhancing the assets that secure its loans, including significant investment in assets located in Ireland, and that a substantial portion of its cash reserves will be used for this purpose. In fact, the chairman of NAMA today announced plans to invest €2 billion by 2016. By the end of...

Written Answers — Department of Finance: National Treasury Management Agency (12 Mar 2013)

Michael Noonan: NAMA seeks to ensure that income generated by assets securing NAMA loans is applied towards repaying a debtor’s indebtedness to NAMA. In certain circumstances, debtors are allowed to retain a portion of asset income in lieu of overheads which include staff costs where this is necessary to preserve the value of the assets securing NAMA’s loans. NAMA advises that operating cost...

Written Answers — Department of Finance: NAMA Staff Data (14 Jul 2015)

Michael Noonan: I refer the Deputy to NAMA's annual reports and financial statements for 2010, 2011, 2012, 2013 and 2014 which provided extensive information on NAMA's organisational structure and staff resources. These reports are available at the following link: The information sought by the Deputy in relation to former NAMA staff, including their respective period of service, is not...

Written Answers — Department of Finance: NAMA Debtors (16 Jul 2015)

Michael Noonan: I propose to take Questions Nos. 202 and 206 together. NAMA has issued debtors and receivers with very clear requirements on the conduct of property sales.  These requirements are set out in NAMA's Guidance Note on the Disposal of Real Estate Assets by NAMA Debtors and Insolvency Office Holders, which is available on the NAMA website, . I am not aware of any such scenario outlined...

Written Answers — Department of Finance: NAMA Portfolio Value (17 Jun 2014)

Michael Noonan: The values at which eligible bank assets were acquired by NAMA were determined in accordance with regulations made by the Minister for Finance in March 2010, using a methodology approved by the European Commission.  The process valued loans by calculating the present value of the cash flows associated with the loans' underlying collateral. All property collateral was valued by...

Written Answers — Department of Finance: NAMA Bonds (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 179 and 180 together. There is no basis for the Deputy's suggestion that the European Central Bank is putting pressure on NAMA for an early redemption of its senior bonds. Contrary to what the Deputy suggests, the NAMA scheme as approved by the European Commission in February 2010 did not specify a final date for the redemption of NAMA senior bonds. The NAMA...

Written Answers — Department of Finance: NAMA Loan Book Value (21 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 115 and 123 together. Details on NAMA's remaining portfolio are available in the Agency's Annual Report and Financial Statements for 2015.  This is published on the NAMA website, www.nama.ie. Regarding the current book value, estimated market value, and geographic breakdown of the remaining portfolio,  I would refer the Deputy, in particular, to page...

Written Answers — Department of Finance: NAMA Operations (17 Sep 2014)

Michael Noonan: I am advised that NAMA is currently reviewing its options with regard to the C&AG's recommendation. As was pointed out by the NAMA Chairman at a meeting of the Public Accounts Committee in May, NAMA already has in place a high-quality Management Reporting and Key Performance Indicator (KPI) infrastructure. In that context, NAMA is assessing what incremental benefit, if any, a potential...

Written Answers — Department of Finance: NAMA Portfolio Issues (23 Apr 2013)

Michael Noonan: NAMA advises that detail on the breakdown, by county, of the value of property securing NAMA’s loans is provided in its Annual Reports and Financial Statements for 2011, which is available on the NAMA website, www.nama.ie. Properties under the control of receivers or other insolvency professionals appointed by NAMA are listed on its website at...