Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context

Question 160: To ask the Minister for Finance if the National Asset Management Agency is to take on the direct management of the debts of 600 borrowers, which are currently being managed by the banks as recommended by a person (details supplied) in his review of NAMA in 2011. [11092/12]

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

The report by Mr. Michael Geoghegan made a wide range of recommendations that were designed to assist the NAMA Board, including a proposal that the Agency would take on the direct management of the NAMA loans currently managed on its behalf by the participating institutions. I am informed by the Chairman of NAMA that the Board has given its approval to the establishment of dedicated teams which will monitor and supervise intensively the management of the 600 NAMA debtors which are currently being managed by Bank of Ireland, AIB and IBRC on NAMA's behalf. The teams concerned will be situated within the institutions and will ensure that the highest standards are applied by the institutions to the management of the €5 billion of NAMA debt which is involved.

Gerry Adams (Louth, Sinn Fein)
Link to this: Individually | In context

Question 161: To ask the Minister for Finance the number of members that will be appointed to the National Asset Management Agency's advisory board; the number appointed thus far; the precise role of the board; and if he will make a statement on the matter. [11093/12]

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

I have appointed Mr Michael Geoghegan to chair a small group of advisors to advise me on the future strategic direction of NAMA. Mr Geoghegan has agreed to carry out his role on a pro bono basis. I am currently considering the names of potential candidates who have the appropriate experience and background to work effectively on the group of advisors with Mr Geoghegan. I expect to announce the other members shortly. At that stage, I will also announce the group's terms of reference, as well as its reporting framework and arrangements in relation to costs.