Results 1-20 of 126 for nama speaker:Michael McGrath

Written Answers — Department of Finance: National Asset Management Agency (13 Feb 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners, or appointed receivers in the case of enforcement, and these parties are responsible for the sale of secured properties. I am advised that NAMA retains a...

National Asset Management Agency (23 May 2012)

Michael McGrath: This issue goes to the heart of the need for transparency in the operation of NAMA. This came to my attention because of the sale of a 450 acre land bank outside Cork city. It was sold by agents appointed by a NAMA debtor and the sale was completed without the property being put on the open market. On further investigation, it appears this is not an unusual occurrence. NAMA is hiding...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2016)

Michael McGrath: 144. To ask the Minister for Finance the position in relation to a State aid complaint made against the National Asset Management Agency (NAMA) to the European Commission; his understanding of the nature of the complaint; the details of NAMA's engagement in the process to date; the role, if any, his Department has played in the preparation of NAMA's response to the complaint; if NAMA or his...

Written Answers — Department of Finance: National Asset Management Agency (20 Feb 2024)

Michael McGrath: I wish to advise the Deputy that NAMA does not typically own or control properties; rather NAMA owns loans for which the properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners or appointed receivers in the case of enforcement. By virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing...

Ceisteanna - Questions - Priority Questions: NAMA Operations (4 Feb 2015)

Michael McGrath: I welcome the fact that it appears that the contingent liability which the State is carrying in respect of NAMA will not now be required because it appears NAMA will at least break even and hopefully generate a surplus for the Exchequer over time. When, in the Minister's view, can we expect that NAMA will have concluded its operations? NAMA's chairperson indicated that it hopes to have...

Written Answers — Department of Finance: Housing Policy (14 Dec 2023)

Michael McGrath: As the Deputy is aware, NARPS was created by NAMA to acquire housing units for long term lease to Approved Housing Bodies and Local Authorities. Following a review of NAMA in 2019, as required under Section 227 of the NAMA Act, NAMA was directed to retain NARPS in permanent state ownership. ‘Housing for All’ includes a commitment to agree the process for the transfer of...

Written Answers — Department of Finance: National Asset Management Agency (17 Jan 2024)

Michael McGrath: As the Deputy may be aware, NAMA does not typically own or control properties; rather NAMA owns loans for which the properties act as security. The properties securing NAMA’s loans are owned and controlled by their registered owners or appointed receivers in the case of enforcement. I wish to advise the Deputy that by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally...

Written Answers — Department of Finance: National Asset Management Agency (10 May 2023)

Michael McGrath: I wish to advise the Deputy that by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to loans advanced to debtors or the confidential terms of facility agreements. Generally speaking however, I am advised that NAMA may provide funding to its debtors and receivers in cases where it can...

Written Answers — Department of Finance: NAMA Property Sales (15 Jan 2014)

Michael McGrath: 123. To ask the Minister for Finance the procedures that apply when the National Assets Management Agency or a NAMA debtor is appointing a selling agent to dispose of a particular property; if the selling agent is obliged to notify NAMA or the NAMA debtor of all offers that have been made for the property; if he will provide details of the nature of the commercial relationship, including the...

Written Answers — Department of Finance: NAMA Portfolio Value (4 Oct 2012)

Michael McGrath: ...that have come under the control of National Asset Management Agency since the agency's establishment including details of the number of such items; the estimated aggregate value and the number of NAMA debtors involved; the full details including proceeds of any sales of art that have been executed so far showing separately sales by NAMA and sales arranged by NAMA debtors with the agency's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: National Asset Management Agency (22 Oct 2014)

Michael McGrath: There was some publicity recently about another committee, the Committee of Public Accounts, which was discussing inviting NAMA debtors who had exited the NAMA process to appear before the committee and to talk about their experience of being in that process. Does that raise any issues for NAMA and would NAMA have any objections to that?

National Asset Management Agency (18 Apr 2012)

Michael McGrath: I repeat my key question. Does the Minister for Finance, as Minister in charge of NAMA, share the confidence of the chairperson of NAMA that the agency will, at least, break even over the course of its lifetime? The Minister has restated the position of NAMA itself. We are well aware of that. It is on the public record. I want to know the Minister's own view. Does he agree with what the...

Ceisteanna - Questions - Priority Questions: NAMA Operations (4 Feb 2015)

Michael McGrath: As the Minister knows, about 90% of what NAMA has sold has been bought by US private equity funds. Their intentions in the medium term for the assets they have acquired from NAMA remains to be seen. Will the Minister speak about reports that NAMA is preparing to sell €8 billion worth of loans? If such a large tranche is sold, the loans could be bought by foreign investors, which...

Written Answers — Department of Finance: National Asset Management Agency (17 May 2023)

Michael McGrath: I refer the Deputy to my response of 10th May 2023 to question 56 which states that, by virtue of Sections 99 and 202 of the NAMA Act, NAMA is legally precluded from disclosing confidential debtor information, including specific details relating to loans advanced to individual debtors or receivers. I am advised by NAMA that, from inception to end-2022, and to end-April 2023, €5.3...

National Asset Management Agency (23 May 2012)

Michael McGrath: I thank the Minister for his reply. I welcome the statement made by NAMA today, in so far as it goes, on the investment of €2 billion over the next four years. NAMA has access to up to €5 billion to invest in working capital and the completion of projects in its remit. The key test is whether the €2 billion it is to invest will add more than €2 billion in value to the assets in...

Written Answers — Department of Finance: National Asset Management Agency (31 May 2023)

Michael McGrath: As the Deputy is aware, NAMA was established in December 2009 as part of the State’s response to the 2008 banking crisis with a very specific legal mandate, which was approved by the European Commission. NAMA has been successful in achieving this mandate. To date, €3.9 billion has been paid by NAMA to the Exchequer, including €3.5 billion in cash surplus payments and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. By my calculations, Mr. Mulryan, of the €2.4 billion, give or take, that Ballymore owed in September 2008, almost €2 billion of that was owed to banks that ended up in NAMA the following year. You close your witness statement by saying, "In the case of Ballymore and NAMA's effectiveness, history will show that NAMA was effective in ensuring that monies borrowed were...

Other Questions: NAMA Operations (14 Jan 2016)

Michael McGrath: ...issues in the private sector, including access to finance and the viability of development projects that are seeking to get under way, still need to be tackled in conjunction with the work that NAMA is doing. Can the Minister confirm his plan for NAMA as it goes forward? It has to conclude its existing mandate under the relevant Act. The Minister has given his approval for NAMA to be...

Written Answers — Department of Finance: NAMA Property Sales (28 Nov 2017)

Michael McGrath: 128. To ask the Minister for Finance if the sale of the entire National Asset Management Agency, NAMA, development at a location (details supplied) is being conducted in an open market basis with competitive tendering; if not, the reason for not conducting the sale on an open market basis; the amount NAMA has invested in the property to date at this location through development funding or...