Results 1-20 of 182 for nama speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Social Housing Provision (23 Jun 2016)

Michael Noonan: It is important not to confuse Section 2, the purposes of the NAMA Act, with Section 10, the purposes of NAMA and that the purposes of NAMA were established in fulfilment of the purposes of the Act. It is precisely through the establishment of NAMA's commercial mandate that the purposes of the Act, including "to contribute to the social and economic development of...

Other Questions: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas. NAMA's primary objective is, as per section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in achieving this objective. The strategy which NAMA adopts in pursuing its objectives is a matter for the...

Written Answers — Department of Finance: NAMA Operations (16 Dec 2016)

Michael Noonan: The most recent details on NAMA's remaining portfolio are available in the Agency's quarterly accounts for Q2 of 2016.  This is published on the NAMA website via: . Page 44 of the report and accounts provides details on NAMA's outstanding loanbook.  I expect to receive NAMA's report and accounts for Q3 of 2016 in the coming week and expect to lay that report before the...

Written Answers — Department of Finance: NAMA Operations (28 Feb 2017)

Michael Noonan: NAMA was established as an independent commercial body to operate under the direction of its Board of Directors, in accordance with the NAMA Act. Under Section 10 of the NAMA Act, NAMA is mandated to act in a commercial manner to obtain the best financial return for the State.  As such, NAMA's dealings with its debtors, as well as the management, funding and sale of assets are all...

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

Michael Noonan: I have made four of the ten direction orders to NAMA under the NAMA Act.  I have also made four direction orders to NAMA under the IBRC Act 2013.I have set out the details of each direction below. A copy of each Direction Order was laid before the Houses of the Oireachtas and published in Iris Oifigiúil at the time. Directions made by me...

Written Answers — Department of Finance: NAMA Operations (13 Apr 2017)

Michael Noonan: NAMA's commercial funding activities with respect to housing delivery are referenced in the Infrastructure and Capital Investment Plan (2016-2021) under "Non Exchequer Investment".  In other words, such funding has not been provided under the Capital Plan nor through direct Exchequer expenditure. Rather, it is provided by NAMA in line with its commercial mandate under Section 10 of the...

Written Answers — Department of Finance: NAMA Assets Sale (23 Jun 2016)

Michael Noonan: NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas.  NAMA's primary objective is, as per Section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in acheiving this objective.  The strategy which NAMA adopts in pursuing its objectives is a matter...

Written Answers — Department of Finance: NAMA Operations (8 Feb 2017)

Michael Noonan: NAMA's tax affairs, and the legal structures it utilises to carry out its mandate, are a matter for NAMA to determine within the perimeter of its mandate and applicable law, including tax law. As we know the establishment of Section 110 companies is completely legal as it is permitted under Irish law and tax codes.As we also know, this House recently moved to change legislation...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: ...Nos. 69, 70, 79 and 87 together. I would refer the Deputies to my comments made at the opening of the debate last week on the report of the Committee on Public Accounts regarding the sale of NAMA's Project Eagle portfolio, where I expressed my views on the recent criticism of NAMA following publication of a report commissioned by an ex-debtor of NAMA. Deputies will be aware that...

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

Michael Noonan: ...Question No. 133 on 23rd June 2015, and as was widely publicised at the time of its publication, through press conferences and broad media coverage, my officials have indeed produced a special report on NAMA's activities in compliance with Section 227, subsection 3, of the NAMA Act. This report was published and laid before the Houses of the Oireachtas on...

Written Answers — Department of Finance: Tax Code (7 Feb 2017)

Michael Noonan: I propose to take Questions Nos. 189 to 192, inclusive, together. NAMA's tax affairs, and the legal structures it utilises to carry out its mandate, are a matter for NAMA to determine within the perimeter of its mandate and applicable law, including tax law.  As we know the establishment of Section 110 companies is completely legal as it is permitted under Irish law and tax codes....

Written Answers — Department of Finance: NAMA Assets Sale (18 Nov 2015)

Michael Noonan: The carrying value of NAMA loans and receivables as at 30thJune 2015 was €11.275 billion.  This comprises gross loans and receivables of €14.7 billion and loan impairments of €3.47 billion.  Further analysis on this is available in Note 14, p. 29, of NAMA's Quarterly Report and Accounts for the period to end June 2015.  These accounts are available on...

Written Answers — Department of Finance: NAMA Code of Conduct (2 Dec 2014)

Michael Noonan: The NAMA Code of Practice and Professional ConductOfficers of NAMA (the "Code")was adopted by the NAMA Board at its meeting of 7thJanuary 2010.  The Code, which is reviewed annually, underscores NAMA's commitment to the highest standards of conduct and has been prepared to assist its personnel in understanding their duties, rights and obligations in the conduct of their work.  It...

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...

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 — 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: 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....