Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance further to the announcement by the National Asset Management Agency on 7 February 2013 when it said in the period to mid-2013, the Special Liquidator will seek to value and sell the secured underlying assets subject to the floating charge, after the sales process conducted by the Special Liquidator has been completed later in the year, National Assets Management Agency will acquire the unsold loans in the Irish Bank Resolution Corporation loan portfolio in addition to the proceeds of any asset sales conducted by the Special Liquidator during the sales process, if he will to confirm the NAMA valuation methodology of any loans acquired from IBRC and if such methodology will be further to the European Commission approval of the NAMA scheme in February 2010; and specifically if NAMA will be required to pay so-called long term economic value. [7717/13]

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

I would like to refer the Deputy to Section 14 of the IBRC Bill 2013 which sets out the methodology for the valuation of assets to be acquired by NAMA. The Special Liquidator acting on the instruction of the Minister shall appoint suitably qualified person(s) to carry out an independent valuation of the bank’s assets using standard loan valuation methodologies.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance further to the announcement by the National Asset Management Agency on 7 February 2013, if NAMA will bid for loan assets and associated collateral being disposed of by the Special Liquidator between now and mid-2013 when NAMA is to bid for any remaining loans. [7718/13]

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

In accordance with Section 13(a) & (b) of the IBRC Act 2013 the Minister may direct NAMA in writing to bid for or acquire IBRC assets. NAMA has been directed to establish a special purpose vehicle to acquire the floating charge over certain IBRC assets. After the sales process conducted by the Special Liquidator has been completed NAMA is expected to acquire the unsold loans in the IBRC loan portfolio in addition to the proceeds of any assets sales conducted by the Special Liquidator during the sales process.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance further to the announcement by the National Asset Management Agency on 7 February 2013, if he will provide an assessment of the merit in directing NAMA to acquire all legacy loans at the Irish Bank Resolution Corporation today. [7719/13]

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

The recent enactment of the IBRC Act 2013 together with the replacement of the Promissory Notes with a portfolio of Irish Government Bonds puts in place a permanent, finite and viable solution in terms of a significant portion of the shortfall in banking financing that has emerged through the Irish financial crisis. Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to a floating charge which secures IBRC debt to the Central Bank which will be sold to NAMA) to third parties at or above their independent valuation and failing that the Special Liquidators will sell the assets to NAMA at their valuation price. The measure has the further advantage of achieving efficiencies by housing all legacy assets in one vehicle. Government took the view that it made little sense at this point to retain two State organisations performing broadly similar functions and that, in the interests of costs and efficiency, it was appropriate for NAMA to purchase the assets of IBRC.