Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

185. To ask the Minister for Finance the number of sites here where the National Assets Management Agency is, directly or indirectly through the debtor or the participating institution, providing security on a 24-hour basis; the estimated annual cost of providing security on sites; and if he will make a statement on the matter. [42406/13]

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

NAMA advises me that site security, where required, is one of a number of business overheads associated with the essential repair and maintenance of properties and the preservation of value. NAMA permits debtors to retain a portion of rental and other income produced by a debtor’s assets to meet these essential costs. Such costs are itemised within each debtor’s general overheads and are subject to each debtor’s on-going financial reporting to NAMA. NAMA would expect that all of its debtors and receivers would take measures to ensure that their properties are adequately secured. As NAMA does not incur such costs directly, they do not form part of the Agency’s financial reporting. NAMA advises that it incurs annual site security costs of approximately €16,000 in respect of properties directly under its control.