Written answers

Tuesday, 5 July 2011

Department of Finance

National Asset Management Agency

9:00 pm

Photo of Luke FlanaganLuke Flanagan (Roscommon-South Leitrim, Independent)
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Question 56: To ask the Minister for Finance in view of the National Assets Management Agency has a social good clause in its articles, the way citizens access information on which properties NAMA controls, via its loan portfolio as NAMA is not required under the Freedom of Information Act to answer to the public and the way persons may find information on which properties can be made available for social good when NAMA refuses to disclose the properties it manages. [18435/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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NAMA has a commercial remit and a statutory objective to generate a return for the taxpayer. However, within the context of its commercial remit and consistent with section 2 of the National Asset Management Agency Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives. Thus NAMA is open to facilitating the work of public bodies in the creation of vibrant sustainable communities where this is possible. The NAMA Board has committed to giving first option to State bodies on the purchase of property which may be suitable for their purposes where these bodies have requirements such as schools, hospitals, parks, and so on. I understand that officials of NAMA have already had contact with officials of the Department of Environment, Community and Local Government, Department of Education and Skills, the HSE, local authorities and other public bodies to explore the scope for such arrangements. Section 55 of the National Asset Management Agency Act makes extensive provision for quarterly reporting by NAMA on a wide range of matters, including details in relation to loans. For instance, the quarterly report includes, among other things, information on the number of loans being foreclosed or otherwise enforced and the amount of money recovered by NAMA through the sale of property. These reporting arrangements allow for transparent reporting to the extent that it does not breach the obligation placed on the agency to respect the confidentiality of customers. To date, four quarterly reports, the most recent of which was for the fourth quarter of 2010, have been laid before the Houses of the Oireachtas.

Apart from the statutory reporting mechanisms that are designed to enhance the transparency of NAMA operations, the agency is aware of the need to enhance the availability of information with regard to properties. In that regard, under an initiative currently in preparation, NAMA will include on its website a database of properties which are under the control of receivers appointed to enforce against NAMA debtors. This will provide a single source of information on NAMA assets which are for sale and it will be updated on a very regular basis. NAMA expects to launch the site by the end of the month.

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