Paschal Donohoe (Dublin Central, Fine Gael)
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To ask the Minister for Finance the total aggregate amount in euro of original par value of loans where assets have been realised by the National Assets Management Agency and Irish Bank Resolution Corporation or the nationalised Angle/INBS; if he will detail those assets which have been realised by NAMA and IBRC; the total aggregate amount in euro for all assets that have been sold; the total aggregate losses in euro that would be realised against the full original par value of the loan versus the sale price of the sold assets; the total aggregate amount of original par value loans in euro which have been sold by NAMA and IBRC or the nationalised Anglo/INBS; the cumulative losses against the full original par value of the loans in euro versus the sale price of the sold loans; and if he will make a statement on the matter. [53442/12]

Michael Noonan (Limerick City, Fine Gael)
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At 30th June 2012, NAMA has generated cash receipts of €8.1 billion since inception, of which €5.2 billion relates to disposal activity and €2.9 billion relates to non-disposal activity. This capturing of this €2.9 billion is an important measure of NAMA’s performance. I am further advised by NAMA that its objective in any loan or asset sales is to achieve the best outcome for the taxpayer and, in that context; the disclosure of the additional information sought by the deputy could adversely affect its competitive position as it would be of greatest benefit to potential purchasers.

I am advised by NAMA that Sections 99 and 202 of the NAMA Act preclude it from disclosing details relating to its debtors and their assets.

The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time.

I have been advised that IBRC does not disclose the details of individual assets sold. The Business Review in IBRC’s financial statements contains detailed information in respect of the Bank’s deleveraging to date. On a pro-forma statutory basis, the Bank’s net loan book decreased by €12.1bn or 43% between 31 December 2010 and 30 June 2012.

Included in these figures are loans sold by the Bank of €5.3bn, which were primarily bulk US loan sales, related to the closure of the Bank’s US offices in 2011. Gross loans of €6.7bn were sold with related provisions of €1.4bn and derivatives and other assets of €0.2bn. Proceeds received were €5.1bn, resulting in a net loss on disposal of €0.4bn. Full details of these loan sales are contained in the financial statements note “Gain / (loss) on deleveraging of other financial assets” in the Annual Report 2011 and Interim Report 2012