Pearse Doherty (Donegal South West, Sinn Fein)
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Question 218: To ask the Minister for Finance in respect of the 9,200 residential properties that the National Assets Management Agency says it is now renting in the State, if he will confirm the monthly rent payable on these properties and that all of this rent is being applied to pay down outstanding loans due by borrowers to NAMA. [27948/12]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by NAMA that the units to which the Deputy refers are under the control of NAMA debtors and receivers. As I stated in my response of 22 May {PQ 24849/12}, NAMA is currently engaged in an extensive analyses of the residential portfolio under the control of its debtors and receivers. Whilst this analysis is expected to continue for some time, initial findings indicate that the total monthly rental income generated by residential properties rented by NAMA debtors and receivers in Ireland is of the order of €9 million. NAMA continues to be engaged in an exercise to put legal documentation in place to capture all rental income so that it will be applied to service the loans. This control was not in place when the loans were acquired from the participating institutions.