Michael McGrath (Cork South Central, Fianna Fail)
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115. To ask the Minister for Finance if he will provide details of National Asset Management Agency's plans to dispose of loans with a combined value of €8 billion; if he will provide the number of the agency's debtors involved; if he will provide the institutions that are currently managing the loans on the agency's behalf; if the assets underpinning the loans are generally Irish in nature or located abroad; the procedure that will be used for the disposal; and if he will make a statement on the matter. [5298/15]

Michael Noonan (Limerick City, Fine Gael)
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As advised by the NAMA Chief Executive in his opening address to the Public Accounts Committee in December 2014, NAMA is aiming to redeem a cumulative 80% (€24 billion) of its senior debt by the end of 2016 and hopes that it will have redeemed all of its senior debt by the end of 2018.    As part of its ongoing deleveraging programme to achieve these targets, NAMA is making preparations for the sale of its smaller debtor loan portfolio and expects to appoint a loan sales adviser shortly to advise it on the sale, including how best to package the loans into smaller portfolio.  NAMA aims to complete the sale process by mid-2016.

I am advised by NAMA that these loans, which have a par value of approximately €8.4 billion, are currently being managed on its behalf by AIB and Capita Asset Services.  The loans relate to approximately 500 debtor connections and over 88% of the underlying property security is located in Ireland.