Billy Kelleher (Cork North Central, Fianna Fail)
Link to this: Individually | In context

Question 135: To ask the Minister for Finance if his attention has been drawn to the delays in the assessment of business plans by the National Asset Management Agency which is resulting in deposits being returned to house purchasers and cases in which house owners are unable to take possession of their homes resulting in financial hardship; if, in view of the current market conditions, he will ensure that the assessment deadlines given by NAMA are met by it to prevent further losses in cases in which house purchases still exist; and if he will make a statement on the matter. [24892/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

With regard to the Deputy's contention that there are delays in the business plan review process, I understand from NAMA that significant progress has been made over recent months and that, as of end-August 2011, NAMA had completed its review of the plans of 113 of the 180 debtors whose loans it is managing directly. These 113 debtors account for some 75% of the total nominal value of debts outstanding to NAMA. In addition to the reviews conducted directly by NAMA, reviews have also been completed of the plans of another 60 debtors whose debts are being managed by the participating institutions under delegated authority from NAMA. NAMA has also observed that, in any event, the ongoing review of debtor business plans does not hold up credit decisions. In fact, some 400 credit decisions, including sales approvals, are currently being processed every month. I understand that, generally speaking, once a credit application comes into NAMA, a decision is made within one week. If the Deputy has details of specific cases of delay, such information should be sent to the CEO of NAMA who will investigate the matter and revert to him directly.

It should also be pointed out that not all offers made by potential purchasers will match what NAMA considers to be an acceptable price for the property concerned.