Written answers

Thursday, 13 January 2011

Department of Finance

National Asset Management Agency

2:00 pm

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Fine Gael)
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Question 107: To ask the Minister for Finance if his attention has been drawn to reports that the operating costs of the National Asset Management Agency are set to increase by 50% in 2011; and if he will make a statement on the matter. [2007/11]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed that NAMA proposes to increase the number of its staff to 150 from the original staffing target of 100 which has now been achieved. This is due to the fact that the Board of NAMA has decided that a larger number of debtors should be managed directly by the Agency rather than by the participating institutions. In particular, the Agency wishes to manage closely the performance of debtors with exposures of €75m or more. This will mean that the largest 170 debtors will be managed directly by NAMA; their aggregate debt amounts to about €58 billion, which is over 80% of the debt acquired by NAMA to date. The 50% increase in staff is expected to have a corresponding impact on the salary costs originally budgeted for 2011 by NAMA and outlined in its Business Plan.

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