Éamon Ó Cuív (Galway West, Fianna Fail)
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Question 70: To ask the Minister for Finance if the decision by Eurostat recently to consider the investment in AIB and Bank of Ireland and other covered institutions in 2011 as national debt will have long term repercussions under the Fiscal Compact Treaty if passed, particularly in relation to achieving of the 60% debt/GDP ration; if it will, when will these impacts arise and the magnitude of the extra payments each year that will arise as a result of this decision; and if he will make a statement on the matter. [22451/12]

Michael Noonan (Limerick City, Fine Gael)
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In July 2011 a net amount of €16.5 billion was injected into Irish financial institutions. At the time of the end-September Maastricht return, it was indicated publicly that a full examination of the deficit-impacting amount of this transfer would be made before the next notification. The outcome of this exercise is that of the €16.5 billion injected in June 2011, €5.8 billion is classified as a deficit-increasing capital transfer. This adds 3.7 per cent of GDP to the deficit for 2011 only. However, the full net recapitalisation of €16.5 billion in July 2011 was fully reflected in Ireland's forecast General Government Debt for end-2011 reported to Eurostat in September 2011. It is also included in the end-March 2012 Maastricht return in respect of the end-2011 debt position. The statistical reclassification from financial transaction to capital transfer affects the general government deficit only. Therefore there is no impact on our debt to GDP ratio as a result of this statistical reclassification.

Clare Daly (Dublin North, Socialist Party)
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Question 71: To ask the Minister for Finance if he will provide an estimate of the financial loss to the State and taxpayer arising from the unsafe loan undertakings provided by solicitors to banks, made public by the National Assets Management Agency during March 2012. [22473/12]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by NAMA that the estimated value of downward adjustments applied to the consideration paid to banks in respect of the acquisition of loans as a result of security defects identified in legal due diligence is €477 million. Only a minor part of this relates to legal undertakings provided by solicitors. I understand that as a consequence of the defects identified during the legal due diligence, the valuation of the assets was reduced and a lesser amount was paid by NAMA. NAMA advise me that it does not expect to suffer a loss on these acquisitions arising from the solicitors undertakings.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 72: To ask the Minister for Finance his views on the recent disposal by Irish Life Investment Managers of its stake in the National Asset Management Agency special purpose vehicle; the implications of this for the accounting treatment of the NAMA bonds in the General Government Debt; his views on the operation of the Special Purpose Vehicle; and if he will make a statement on the matter. [22510/12]

Michael Noonan (Limerick City, Fine Gael)
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The NAMA SPV was established with Eurostat approval and with Irish Life as one of the private owners. However, as Irish Life is now in public ownership, Eurostat attached a reservation to our Maastricht Returns in which it raised concerns about the private sector ownership of the NAMA SPV and consequently the treatment of NAMA for the purposes of calculating General Government Debt. I am advised that the sale of the Irish Life shareholding in the NAMA SPV to private investors has been agreed and it is anticipated that the transaction will be completed in the coming weeks. As a consequence, we expect that the General Government Debt treatment of the NAMA SPV will be unchanged.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 73: To ask the Minister for Finance the number of properties that have been sold that is legally binding contracts in place by National Asset Management Agency or by agents acting on behalf of NAMA and, of this number, if he will confirm the number and total value of such properties which were up for sale on the open market and publicly advertised; and if he will make a statement on the matter. [22511/12]

Michael McGrath (Cork South Central, Fianna Fail)
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Question 74: To ask the Minister for Finance if the sale of all properties by or on behalf of National Asset Management Agency are required to be put up for sale on the open market and publicly advertised. [22512/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 73 and 74 together.

I am informed by NAMA that other than for land which is under its direct control, NAMA itself does not sell property securing its loans. I am advised by NAMA that, up to end-March 2012, its debtors and receivers have completed 663 legally binding sales transactions of property located in Ireland, some of which relate to multiple properties such as apartment blocks, with a total value of €508 million. I am advised that the NAMA Board has issued guidelines to be followed by its debtors and receivers in terms of the disposal of assets, which require, wherever feasible, their sale on the open market and their public advertisement. I am advised by NAMA that this covers the vast majority of such sales.