Written answers
Tuesday, 12 July 2011
Department of Finance
National Asset Management Agency
10:00 pm
Seán Fleming (Laois-Offaly, Fianna Fail)
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Question 90: To ask the Minister for Finance the approximate number and value of loans transferred to the National Asset Management Agency on a bank by bank basis when the loans were fully performing and all payments were up to date and they are expected to fully perform; if he will outline if such loans were transferred at full commercial value or was a hair cut applied; and if so, if he will further outline the reasoning behind same; and if he will make a statement on the matter. [19579/11]
Michael Noonan (Limerick City, Fine Gael)
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The position in relation to the number and value of loans transferred to NAMA on a bank by bank basis as at 31st December 2010 is set out in the table. This information is provided in the NAMA Quarterly reports which are laid before the Oireachtas and published on the NAMA website on a quarterly basis. At the end of Quarter 4 2010, NAMA reported a figure of 23% of the overall Portfolio as 'performing'.
NAMA advises that the performance status of a loan can change over its life depending on the means of the borrower to meet its obligations and the characteristics of the underlying asset. The performance status of the loans is unrelated to the acquisition discount. The discount is primarily based on the underlying value of the property which is the security for the loan. The performance status of the non-performing loans in the overall NAMA portfolio is also set out in the table. I am advised by NAMA that this information is not available on a bank by bank basis as the loans now form part of the overall NAMA portfolio and performance is monitored on an aggregate basis.
December 2010 | ||||
Loan Nominal Value €m | NAMA Consideration Issued €m | Discount | ||
AIB | 18,443 | 8,459 | 54% | |
BOI | 9,251 | 5,404 | 42% | |
Anglo | 34,191 | 12,920 | 62% | |
INBS | 8,672 | 3,043 | 64% | |
EBS | 840 | 331 | 60% | |
Total | 71,397 | 30,157 | 58% | |
Loan Performance | Classification | Number | Loan Nominal €m | % |
Performing | 3,550 | 16,485 | 23% | |
Non-Performing | 10,726 | 54,912 | 77% | |
Total | 14,276 | 71,397 | ||
Non Performing | ||||
Loan Payment Status | Degree of Default | Loan Nominal €m | % | |
9 | Current Non Cash | 3,952 | 7% | |
1 | 30-59 Days Delinquent | 1,787 | 3% | |
2 | 60-89 Days Delinquent | 2,853 | 5% | |
3 | 90+ Days Delinquent | 2,171 | 4% | |
4 | 120+ Days Delinquent | 39,583 | 72% | |
7 | Foreclosure | 4,566 | 8% | |
8 | Otherwise Enforced | 0 | 0% | |
Total | 54,912 |
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