Lucinda Creighton (Dublin South East, Fine Gael)
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Question 135: To ask the Minister for Finance if he will outline the National Asset Management Agency's ongoing efforts in pursing developers who owe money to the agency; when the agency will begin foreclosing on bankrupt developers; and if he will make a statement on the matter. [37929/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The first tranche of loans owed by the largest property developers transferred to the National Asset Management Agency in May 2010 and a second tranche was transferred in July and August. I am advised by NAMA that following the transfer of an individual's loans to NAMA, each borrower is requested to complete a realistic and concise business plan. The viability of the business plan of each major borrower is assessed by NAMA. Where viability cannot be demonstrated or where a borrower is not co-operating with the process NAMA will take enforcement action against the borrower concerned.

The NAMA Board has stated clearly in its recent Business Plan that it will enforce personal guarantees to the greatest extent feasible, that it will secure all unencumbered assets and that it will pursue any assets transferred to third parties. Where NAMA does engage in any type of enforcement, it will have to go through the courts in the normal way and information on such cases will be in the public domain. I am informed that NAMA has already commenced proceedings in the Commercial Court and that further actions can be expected. NAMA has also authorised participating institutions to initiate enforcement proceedings against a number of other debtors whose loans have not yet transferred to the Agency.