Results 21-40 of 10,620 for nama

Written Answers — Department of Finance: NAMA Assets Sale (22 Mar 2016)

Michael Noonan: I propose to take Questions Nos. 62 and 63 together. The Deputy will be aware that NAMA does not own residential or commercial property and therefore is not in a position to sell such properties to any prospective purchaser. Rather, NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor. The...

Written Answers — Department of Finance: National Treasury Management Agency Staff (5 Oct 2016)

Michael Noonan: 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. I am advised by NAMA that, 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...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Seamus McCarthy: As members are aware, NAMA was established in December 2009 to deal with a crisis in Irish banking due to poor property-related lending. The core idea was for NAMA to acquire property-related loans from the commercial banks, to hold and manage the loans and related collateral and, ultimately, to dispose of those assets in a manner that protected the State’s...

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...

National Asset Management Agency (5 Jul 2012)

Michael Noonan: The debt repayment goals for the National Asset Management Agency, NAMA, have been set by its board and include several targets set out over three-year periods. These are a repayment of 25% of NAMA senior bonds by the end of 2013, 50% by the end of 2016, 90% by the end of 2019 and full repayment of NAMA senior bonds by the end of 2020. These targets are based on a combination of expected...

Written Answers — Department of Finance: Public Procurement Contracts (2 Dec 2014)

Michael Noonan: The NAMA Board, pursuant to Section 15.1 of the Code of Practice for the Governance of State Bodies, has implemented a procurement policy to ensure compliance with the EU public procurement rules and to ensure NAMA achieves value for money when procuring services required by the agency. The NAMA Procurement Policy applies to contracts procured by NAMA.NAMA borrowers are not governed by...

Written Answers — Department of Finance: NAMA Portfolio (28 Mar 2017)

Michael Noonan: The Deputy will be aware that NAMA does not own property.  NAMA acquired loans and its role is, like a bank, that of a secured lender. NAMA holds security over properties that are owned by its debtors or, in the case of enforcement, which are managed on behalf of those debtors by duly appointed insolvency practitioners. As a result, where properties which secure NAMA loans are...

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 — Departmental Staff: Departmental Staff (7 Jun 2011)

Michael Noonan: The most recent notification issued to staff of my Department was Office Notice 20/2009, which concerned lobbying NAMA on behalf of another. A copy is included for the Deputy's information. It is expected that central guidelines on the handling of lobbying will be issued by my Department in the coming months. Further instructions issued to the staff within the Department will, of course,...

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...

Written Answers — Department of Finance: NAMA Operations (17 Dec 2013)

Michael Noonan: The sale of property is a matter for the Board of NAMA, which is guided by its independent commercial mandate under the NAMA Act and the overriding requirement to maximise the realised value of assets securing its loans and the return to the Irish taxpayer. NAMA has been established as a fully commercial agency to operate under the direction of a Board of Directors by the NAMA Act....

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 Legal Fees (15 Jan 2014)

Michael Noonan: NAMA has instigated 117 sets of proceedings. Of that number, 60 are complete. NAMA was successful in all 60 of those cases. The remaining 57 of those cases are ongoing through the Courts. NAMA has had 31 actions taken against it. Of those, 16 are still active, and 15 are complete. Fourteen of those cases completed resulted in a favourable outcome for NAMA and NAMA was partially...

Topical Issue Debate: NAMA Portfolio (2 Dec 2015)

Simon Harris: ...Deputy Durkan for raising this issue of importance to all Deputies in terms of wanting to see development of their town centres and the return of economic activity. As the Deputy is aware, NAMA is legally constrained from commenting on assets that are under the control of its debtors, which is confidential information as defined by the NAMA Act as passed by this House. On the general...

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...

Written Answers — Department of Finance: NAMA Staff Data (19 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 157 and 159 together. The information sought by the Deputy, regarding the cost of NAMA's retention scheme, is set out in aggregate detail in NAMA's Annual Report and Financial Statements for 2015 on page 103. This is available on the NAMA website, www.nama.ie.  NAMA does not make retention payments to staff whilst they remain in its employment. ...

Written Answers — Department of Finance: Proposed Legislation (16 Jan 2014)

Michael Noonan: I currently have no plans to update the NAMA legislation. Under Sections 13 and 14 of the NAMA Act I have the power to issue guidelines and directions to NAMA. To date I have issued nine directions to NAMA which are available on the NAMA website at www.nama.ie.

Written Answers — Department of Finance: NAMA Property Sales (26 Apr 2016)

Michael Noonan: I wish to clarify my role, as Minister for Finance, in relation to NAMA and the powers of direction afforded to the Minister under the NAMA Act 2009. Under Section 14(1) of the NAMA Act 2009 "[t]he Minister may give a direction in writing to NAMA concerning the achievement of the purposes of this Act". Section 2 of the NAMA Act 2009 outlines its purposes. NAMA has a well established...

Written Answers — Department of Finance: NAMA Loan Book (29 Sep 2015)

Michael Noonan: I am advised that, at 31 March 2015, NAMA's carrying value of loans, net of  cumulative impairment provisions of €3.250bn, was €12.528 billion and the nominal amount of contractual par debt outstanding from NAMA debtors was €54.899 billion. This information and additional information on the value and performance of NAMA loans...

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

Michael Noonan: I refer the Deputy to the NAMA Chairman's opening address to the Public Accounts Committee (PAC) on 9thJuly 2015, which is available on the NAMA website at the following link:  The NAMA Chairman advised the PAC that on 20 March 2014, PIMCO, one of a number of bidders for NAMA's Northern Ireland debtor loan portfolio, informed NAMA that its compliance department had discovered...

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