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

53. To ask the Minister for Finance his plans to review the maximum salary that may be paid to developers whose loans are held by National Asset Management Agency; and if he will make a statement on the matter. [10754/14]

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

I am advised by NAMA that it does not pay a salary to any debtor. NAMA seeks to ensure that income generated by assets securing its loans is applied towards repaying a debtor's indebtedness.  However as part of the debtor business plan, debtors may be permitted to retain an agreed portion of this income to cover business overheads. Debtors are allowed a salary out of business overheads where this is necessary to manage and preserve the value of the assets securing NAMA's loans.   NAMA advises that all overheads are reviewed as part of its regular review of each debtor's performance and developments in the wider economy. I would remind the Deputy that, as Minister for Finance, I have no role in relation to the day-to-day detail of NAMA's strategy in this area.

As the Deputy may be aware, as the NAMA Chief Executive has previously advised the Agency has permitted 167 principals to retain salaries out of the overheads of the business.  NAMA's analysis shows that 3 individuals managing multi-billion euro portfolios are authorised to retain income of €200,000.  There are no cases in which principals have been authorised by NAMA to retain salaries in excess of €200,000.                                                                                                         

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

54. To ask the Minister for Finance the number of agreed business plans National Asset Management Agency currently has in place with developers; and if he will make a statement on the matter. [10755/14]

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

I am advised by NAMA that it has completed the assessment of all 775 debtor business plans.  I am advised that NAMA has three core strategies in place for debtors. A strategy of debtor support is in place for debtors who have 43% of NAMA debt, a restructuring strategy is in place for debtors with 26% of NAMA debt and an enforcement strategy is in place for debtors with 31% of the NAMA debt. Pages 23 to 27 of the NAMA Annual Report 2012 provides further information on the various approaches which have been adopted by NAMA in its management of debtors.