Written answers

Tuesday, 15 May 2012

Department of Finance

National Asset Management Agency

8:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 194: To ask the Minister for Finance the percentage and nominal value of loans in the National Assets Management Agency that are income generating at present; the percentage of the income being generated that comes from rental income paid on commercial property leased by Government Departments, State agencies and other public bodies. [24224/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I have been informed by NAMA that it estimates it received income in respect of 33% of its loan portfolio, representing a nominal value of €23.55 billion of the total nominal value of the portfolio of €71.19 billion. It is estimated that for 21% of the loan portfolio (a nominal value of €15.05 billion), loans are fully performing in accordance with their contractual obligations; for an additional 12% of the loan portfolio (a nominal value of €8.5 billion), loans generate some income but not sufficient to meet fully their contractual obligations as per loan agreements.

NAMA advise me that it has been working to capture as much of the underlying rental income generated by assets as possible.

In relation to the percentage of income that originates as rental income from commercial property leased by Government Departments, State agencies and other public bodies, NAMA advises that it cannot readily identify the type of client paying rental income to debtors. However, the amount of rental income being paid to NAMA debtors by State agencies is not thought to be substantial.

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