Written answers

Wednesday, 22 May 2013

Department of Finance

NAMA Property Sales

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

78. To ask the Minister for Finance following the announcement by the National Asset Management Agency of the disposal of the so called Project Aspen portfolio of €810 million of loans relating to a developer (details supplied), if he will provide his assessment on the deal which involves NAMA providing staple finance and retaining a stake in the loans; if he will confirm the security NAMA now holds in the loans and if NAMA's security in the loans has been diluted as a result of the sale; and if he will confirm the overall number of NAMA disposals which have involved NAMA retaining an interest in the assets sold. [24695/13]

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

The sale of assets and loans by NAMA is an operational matter for the Board of NAMA and, as the Deputy is aware, NAMA is, in accordance with Section 57 of the National Asset Management Act 2009, subject to audit by the Comptroller and Auditor General. I do not, therefore, intend to comment on the management and outcome of individual NAMA transactions. NAMA advises that the transaction to which the Deputy refers is the first completed loan sale in which it has retained an on-going stake and that it is prepared to undertake such joint ventures where there is reasonable prospect of realising additional return for the taxpayer, whilst progressing its mandate of realising its portfolio in an orderly manner.

Comments

No comments

Log in or join to post a public comment.