Results 341-360 of 1,732 for nama speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: ...period for offset against income of the same trade for succeeding accounting periods. A restriction on losses was previously in place which limited the amount of prior-year losses that a NAMA-participating institution could offset against trading profits to 50% of trading profit for each accounting period. This restriction was introduced under the NAMA Act 2009, whereby a new section,...

Written Answers — Department of Finance: NAMA Property Rental (17 Nov 2015)

Michael Noonan: NAMA does not own or manage properties and is not, in any instance, a landlord. NAMA has acquired loans. Its role in relation to properties is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are managed by the appointed receiver/administrator, properties continue to be managed by their original owners. Therefore, it is NAMA debtors and...

Written Answers — Department of Finance: NAMA Property Construction (12 Nov 2015)

Michael Noonan: In supporting viable residential development in response to market demand, NAMA does not hoard development land. It has been keen to facilitate other market participants in their attempt to get access to sites which could contribute to residential supply.  In this respect, NAMA, fully in accordance with its obligations under Section 10 of the NAMA Act to maximise the achievable financial...

Written Answers — Department of Finance: NAMA Legal Fees (12 Nov 2015)

Michael Noonan: NAMA often defends litigation against third parties who are also/already in active litigation instigated by NAMA against that same third party. In these instances, claims and counterclaims are usually dealt with as joint proceedings by the Courts. For this reason, it is not possible to definitively break down the legal costs attributable to each of the claims and the counterclaims. However,...

Written Answers — Department of Finance: NAMA Court Cases (12 Nov 2015)

Michael Noonan: I am advised by NAMA that an estimate of the legal costs incurred by NAMA as a defendant in litigation is in the region of €2.8m. In the cases which have had successful outcomes for NAMA, arrangements relating to costs are usually made either as an order for costs awarded by the Courts, or alternatively, the parties reach an agreement on their respective costs as part of the...

Written Answers — Department of Finance: IBRC Mortgage Loan Book (10 Nov 2015)

Michael Noonan: ...Society. In the first sales process, 64% of the Sand portfolio was sold to two buyers, namely Lone Star and Oaktree Capital Management, L.P. Following instructions from the Minister for Finance, NAMA were no longer obliged to purchase the unsold IBRC assets at their individual valuation as previously envisaged, as the expected proceeds to be raised from the sale of the IBRC loan assets...

Written Answers — Department of Finance: NAMA Loans Sale (5 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 92 and 106 together. I am advised by NAMA that a preferred bidder has been selected, Promontoria Holding 176 B.V., an affiliate of Cerberus Global Investors (Cerberus), for Project Arrow. The sales price is a matter for the parties to the sale and as I have previously stated, as Minister for Finance I do not have a role in individual NAMA sales and I...

Written Answers — Department of Finance: NAMA Legal Proceedings (5 Nov 2015)

Michael Noonan: I am advised that legal proceedings have been issued against NAMA or a NAMA group entity in 66 cases, of which 40 cases are ongoing. I am further advised that 26 cases have been completed. 25 of those completed cases resulted in a favourable outcome for NAMA whilst 1 case resulted in a partly favourable outcome for NAMA.

Written Answers — Department of Finance: NAMA Operations (5 Nov 2015)

Michael Noonan: I have not sought or received an estimate of the potential impact on NAMA's activities of any possible rent control measures given that no such measures have been specified.

Written Answers — Department of Finance: NAMA Staff Data (5 Nov 2015)

Michael Noonan: As I have previously advised the Deputy in Dail Question 90 of 24 September 2015, the overall cost of NAMA's redundancy programme will not exceed €20 million. That figure includes a retention payment element which is designed to ensure that NAMA retains key staff, and the expertise they hold, within the organisation for as long as they are needed. As set out in my...

Written Answers — Department of Finance: NAMA Social Housing Provision (3 Nov 2015)

Michael Noonan: ...large value swings of the crisis and as to now a lagging supply response is being dampened by expectations of continued future price increases. In this regard, I announced as part of Budget 2016, plans for NAMA to fund the delivery of 20,000 residential units by 2020 on a commercial basis. The flexibility afforded by Section 11(2) of the NAMA Act allows NAMA to take account of distortions...

Written Answers — Department of Finance: NAMA Operations (3 Nov 2015)

Michael Noonan: I propose to take Questions Nos. 299 and 300 together. As the Deputy is aware NAMA has acquired loans from five participating institutions and is not the owner or manager of properties.  NAMA's role is, like a bank, that of a secured lender.Properties securing NAMA's loans are managed by their existing owners or, in the case of enforcement, on NAMA's behalf by duly appointed...

Written Answers — Department of Finance: Tax Exemptions (3 Nov 2015)

Michael Noonan: ...costs and industry capacity constraints - including skilled labour shortages. I would also like to draw the Deputy's attention to the announcement made in Budget 2016 in relation to NAMA's intention to target the delivery of 20,000 additional residential units before the end of 2020.  90% of the residential units will be provided in the greater Dublin Area, where the demand for...

Written Answers — Department of Finance: NAMA Property Sales (22 Oct 2015)

Michael Noonan: NAMA does not own or manage properties.  NAMA has acquired loans.  Its role in relation to properties is, like a bank, that of a secured lender.  I am advised by NAMA that, other than properties that have been enforced, all of which are managed by the appointed receiver/administrator, properties continue to be managed by their original owners.  These parties are...

Written Answers — Department of Finance: NAMA Housing Construction (22 Oct 2015)

Michael Noonan: Against a background of continuing dysfunctionality in the residential development market and a major supply shortage in urban areas, NAMA has undertaken to fund the delivery of 20,000 residential units over the next five years in so far as that can be done on commercially viable basis.  The issue of State aid does not arise. NAMA will be providing funding to debtors...

National Asset Management Agency: Motion [Private Members] (20 Oct 2015)

Michael Noonan: It is the argument made by the Deputy's colleagues. I am very surprised because of the various disasters over which the previous Government presided. Brian Lenihan did his best. He brought NAMA in and made sure it was designed in a fashion which prevented political interference, and I will continue doing that.

National Asset Management Agency: Motion [Private Members] (20 Oct 2015)

Michael Noonan: ...with allegations of wrongdoing on the buyer side of this transaction are entirely wrong; — despite all the confusion and conflation in the coverage of this matter, the fact is that there are no claims of wrongdoing against NAMA; and — NAMA is already subject to a high level of public accountability compared to other commercial bodies, including commercial bodies in the...

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...

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

Michael Noonan: NAMA's role in relation to property development is, like a bank, that of a secured lender. In that capacity, NAMA provides funding for a wide range of asset management and related asset development activities, including enabling debtors and receivers to lodge planning applications. To date, NAMA funding has resulted in planning permissions for approximately 1m sq. ft. of new commercial...

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

Michael Noonan: I propose to take Questions Nos. 271 and 272 together. NAMA is obliged to seek to protect the position of Irish taxpayers to the greatest extent legally possible in all dealings with debtors, including in the context of other creditors.  In doing so, NAMA is aware that other creditors, including international banks, will seek to do likewise and it is entirely appropriate that NAMA...