Pearse Doherty (Donegal South West, Sinn Fein)
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154. To ask the Minister for Finance if the National Asset Management Agency is aware of other trusts that were set up by developers in its remit before entering agreements with the agency; and if NAMA is currently pressing other developers to unwind trusts of their assets. [20122/14]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that NAMA is aware of trusts set up by debtors through its valuation and business review processes and through its asset searches, which are designed to verify debtors' asset statements.

As part of the NAMA business plan process, sworn statements of affairs were required from debtors. These statements were intended to provide a comprehensive account of a debtor's financial affairs, including details of various trust arrangements in place, details of any unencumbered assets which might be available to support repayment capacity and details of any recent transfers of assets to relatives and associates.  In completing the statements of affairs, debtors were reminded that the provision of false or inaccurate information to NAMA is a criminal offence under Section 7 of the Act.  Where NAMA has become aware of a possible failure of debtors to fully disclose their assets and liabilities in their statement of affairs, it has referred this to the Garda Bureau of Fraud Investigation.  NAMA has also initiated cases in the Irish and English High Courts and in the US and Canadian Courts for the reversal of asset transfers, including residential property, shares and other assets. 

To ensure that debtors repay their debt to the fullest extent possible, NAMA requires that they provide security over unencumbered assets not previously pledged as loan security, including assets held in trusts, and that they arrange for the reversal of recent transfers to relatives and others, where applicable.  In this way, NAMA has to date obtained charges over additional security with an aggregate value of approximately €800m. NAMA's policy is to ensure, by means of negotiation and through the courts system, that debtors apply all their available assets to repayment of their debt to taxpayers.