Michael McGrath (Cork South Central, Fianna Fail)
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Question 125: To ask the Minister for Finance the number of unfinished residential developments in which the National Asset Management Agency has come into the ownership of vacant properties. [22308/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed that NAMA has not, to date, taken direct ownership of land and property. In cases where enforcement has been necessary, it has appointed, or approved the appointment of, receivers. While the Agency has not taken ownership of unfinished residential developments, it has recently announced that it will invest €3m to fund urgent construction and remedial work in a number of unfinished residential developments which are linked to loans acquired by it. The Deputy may also wish to note that the report of a Working Group set up by the Government to examine the issue and extent of unfinished estates in Ireland identified about 225 estates that were deemed to require immediate remedial attention. NAMA debtors have loans with an exposure to only 28 of those estates.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 126: To ask the Minister for Finance the amount of professional fees broken down by type, which the National Asset Management Agency expects to incur between now and the end of 2011. [22309/11]

Michael Noonan (Limerick City, Fine Gael)
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Between now and the end of 2011, NAMA expects to incur costs of €38 million as payment to 500 staff in participating institutions to carry out loan servicing on its behalf, in accordance with the provisions of Section 131 of the National Asset Management Agency Act 2009. The fee is applied on a cost recovery basis up to a limit of 10 basis points, and has been approved by the EU Commission under its State Aid rules and. It is expected that fees totalling €32 million will be paid for due diligence services, including legal, property valuation and loan valuation, in connection with the acquisition and valuation of NAMA's loan portfolio. It may be noted, however, that these costs are recovered from the participating institutions as a deduction on the acquisition price paid by NAMA.

Other expected costs of the order of €25 million include audit fees and fees payable to independent business reviewers to review debtor business plans.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 127: To ask the Minister for Finance the outcome of the preliminary discussions held between the National Asset Management Agency, AIB and Bank of Ireland on the way the banks and the agency may be able to provide financial support to purchasers of residential properties linked to the agency or its debtors; if he will provide details of the agency's plans to ensure that any prospective buyer is protected from the risk of negative equity in the future; and if he will provide an up to date statement on these plans. [22310/11]

Michael Noonan (Limerick City, Fine Gael)
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Preliminary meetings have taken place between NAMA and a number of financial institutions in relation to a residential mortgage initiative which is currently under consideration. The proposed initiative is being subjected to extensive analysis and further detailed discussions are scheduled to take place with the institutions over coming weeks. I am informed that NAMA intends to submit to me a detailed proposal in late September.