Written answers

Tuesday, 11 March 2014

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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65. To ask the Minister for Finance further to Parliamentary Questions Nos. 212 and 213 of 18 February 2014, if he will confirm the amount of advances approved by the National Asset Management Agency to be spent in Northern Ireland, for the two periods inception to May 2012 and inception to date; and if he will make a statement on the matter. [11608/14]

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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66. To ask the Minister for Finance further to Parliamentary Questions Nos. 212 and 213 of 18 February 2014, if he will confirm the amount of advances approved by the National Asset Management Agency in respect of Northern Ireland borrowers for the two periods inception to May 2012 and inception to date; and if he will make a statement on the matter. [11609/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 65 and 66 together.

I am advised that NAMA has, since inception, approved €160m in new advances to Northern Ireland debtors; €55m had been approved to May 2012. As per my response of 18 February 2014 to Parliamentary Questions Nos. 212 and 213, 1% of the May 2012 total and 2% of the total to December 2013 were drawn down in Northern Ireland.

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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67. To ask the Minister for Finance further to Parliamentary Question No. 211 of 18 February 2014, if he will confirm that the National Asset Management Agency has foreclosed on 19 debtor connections in Northern Ireland out of a total of 180 such connections; if he will confirm that elsewhere, NAMA has foreclosed on 261 debtor connections out of a total of 670 such connections; if he agrees with the NAMA assessment of this as proportionate; and if he will make a statement on the matter. [11610/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the enforcement process may apply to part of a debtor connection but not necessarily all of it, a useful measure of NAMA enforcement activity is the number of properties or groups or properties which have been enforced.  NAMA advises it has taken enforcement action in respect to 2,209 properties or groups of properties, all of which are listed on the NAMA website, www.nama.ie. 1,998 or 90% of these properties are located in the Republic of Ireland.  130 or 6% are in Northern Ireland. NAMA advises that it only takes enforcement action as a last resort and it is often in cases where a debtor has failed to cooperate or engage with them. The overall level of enforcement in the portfolio is 29% of loan value at year end 2013 which is not high given they inherited a distressed portfolio from the financial institutions.  I agree with NAMA s assessment that its enforcement in Northern Ireland is proportionate to the scale of its exposure to Northern Ireland debtors and properties and in line with the approach adopted in other jurisdictions in which it operates.

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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68. To ask the Minister for Finance if he will provide in tabular form the names of the members of the National Asset Management Agency board along with the date on which their term of office will expire; and if he will make a statement on the matter. [11611/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The details of the NAMA Board are as follows. My officials are currently in the process of examining the issue of Board vacancies. 

NameEnds
Brendan McDonaghEx-Officio
John CorriganEx- Officio
Frank Daly (Chairman)Dec 2014
Brian McEneryDec 2018
Willie SoffeDec 2018
Oliver Ellingham April 2018

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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69. To ask the Minister for Finance if he will confirm the date upon which a person (details supplied) ceased to be a member of the board of the National Asset Management Agency; the date on which NAMA first knew that this person would be ceasing to be a member of the board; and if he will make a statement on the matter. [11612/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Board Member in questions was appointed to the Board in May 2010 for a period of three years and his term ended in May 2013. NAMA became aware that he would cease to be a Board Member in April 2013.

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent)
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70. To ask the Minister for Finance the reason he has failed to advertise vacant roles on the board of the National Asset Management Agency. [11613/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy may be aware my Department has previously advertised seeking expressions of interest from suitably qualified people for appointment to the NAMA board. In 2012, my officials sought expressions of interest for appointment to the NAMA Board. 24 expressions of interest were received in this process. However, it should be noted that under the Government arrangements Ministers are not confined to those who make expressions of interest, as long as all appointees are relevantly qualified. When making appointments to the board I consider all candidates who I feel have the relevant expertise and experience to contribute to the Board.

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