Arthur Morgan (Louth, Sinn Fein)
Link to this: Individually | In context

Question 103: To ask the Minister for Finance his views on a private borrowing aspect to the National Asset Management Agency that would deal with mortgages taken out by individuals over the past number of years and allow the downward renegotiation of these mortgages in line with current house prices. [35442/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The National Asset Management Agency (NAMA) is being set up to remove land and development loans and associated loans from the balance sheets of participating institutions. The uncertainty associated with these loans has prevented banks from lending and supporting economic recovery. The Government has no plans at present to extend the scope of NAMA beyond land and development loans and associated loans.

The Deputy will also note that the revised Programme for Government includes a commitment to introduce new measures to protect families having difficulties with their home mortgage payments. The Code of Conduct on Mortgage Arrears and the recently agreed protocol between the Irish Bankers Federation (IBF) and the Money Advice and Budgeting Service (MABS) on debt default will be further reviewed with a view to expanding the options available for dealing with debt situations, including for example the use by banks and lenders of more flexible mechanisms to avoid foreclosure in appropriate circumstances. With reference to the measures adopted in other jurisdictions, the Government will also examine ways of expanding its own mortgage-support measures.

Arthur Morgan (Louth, Sinn Fein)
Link to this: Individually | In context

Question 104: To ask the Minister for Finance the total sum of private mortgages owed to the financial institutions which are covered by the National Asset Management Agency. [35443/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

Eligible assets for transfer to NAMA will be restricted to land and development books and associated loans of participating institutions. The NAMA Bill provides that other classes of bank assets may be prescribed as eligible assets in the future. However there are no plans at present to extend the classes of bank assets eligible for transfer beyond land and development loans and associated loans. Detailed information on the mortgage books of the covered institutions was included in the supplementary documentation provided to Deputies at the beginning of Second Stage of the NAMA Bill.

Seán Sherlock (Cork East, Labour)
Link to this: Individually | In context

Question 105: To ask the Minister for Finance if exemption thresholds will be included in the capital gains tax proposals to be introduced in a Committee Stage amendment of the National Asset Management Agency Bill 2009. [35452/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The proposed 80% windfall tax to which the Deputy refers is being considered as part of the NAMA legislation. However, it is not customary for the Minister of Finance to comment on the specific details of tax changes prior to publication of the legislation.

Seán Sherlock (Cork East, Labour)
Link to this: Individually | In context

Question 106: To ask the Minister for Finance if he will seek consultation with an organisation (details supplied) with regard to its concerns on the proposed Committee Stage amendment to the National Asset Management Agency Bill 2009 which will subject gains on rezoned land to a capital gains tax; and if he will make a statement on the matter. [35453/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The organisation in question has already been in contact with my Department concerning the proposed windfall tax to be included in the NAMA legislation. As the Deputy is aware, it is not customary for the Minister for Finance to comment on the specific details of any tax changes prior to the publication of a legislative proposal.