Michael McGrath (Cork South Central, Fianna Fail)
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89. To ask the Minister for Finance the number of National Asset Management Agency debtors to declare themselves bankrupt in 2013, in 2014, in 2015 to date, and in prior years; and if he will make a statement on the matter. [24400/15]

Michael McGrath (Cork South Central, Fianna Fail)
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90. To ask the Minister for Finance the amount owed to the National Asset Management Agency debtors who have declared themselves bankrupt; the efforts made by the agency to recover moneys from those debtors; the amount of moneys recovered to date; and if he will make a statement on the matter. [24401/15]

Michael McGrath (Cork South Central, Fianna Fail)
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91. To ask the Minister for Finance if he will provide, in tabular form, the number of National Asset Management Agency debtors who have declared themselves bankrupt; the year in which they declared themselves bankrupt; the country in which they declared themselves bankrupt; the number of debts discharged from bankruptcy to date; and if he will make a statement on the matter. [24402/15]

Michael McGrath (Cork South Central, Fianna Fail)
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92. To ask the Minister for Finance if he will provide the annual amounts spent in legal costs by the National Asset Management Agency in bankruptcy related cases here, in the United States of America, in the United Kingdom, and in other countries; the amount paid out to named legal firms and barristers, over €20,000, in pursuing those cases; and if he will make a statement on the matter. [24403/15]

Michael McGrath (Cork South Central, Fianna Fail)
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93. To ask the Minister for Finance his views on the success of the National Asset Management Agency, or otherwise, in recovering moneys from those who have declared themselves bankrupt; and if he will make a statement on the matter. [24404/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 89 to 93, inclusive, together.

It is important to point out to the Deputy that debtors are entitled to petition to bankrupt themselves in accordance with the laws of the relevant jurisdiction. The decision to grant bankruptcy is therefore a matter for the relevant jurisdiction.  This is not something that NAMA can control.

I am advised that as a secured lender, NAMA's experience has been that bankruptcy has not prejudiced recoveries on secured assets. As a secured lender, NAMA is legally entitled to enforce over and to realise the assets securing its loans. This is not affected by debtor bankruptcy. Furthermore, NAMA advises me that in practically all bankruptcy cases involving its debtors, it had enforced over or had realised the secured assets securing its loans prior to the debtor's filing for bankruptcy.

Bankruptcy proceedings therefore relate, generally, to the unsecured liabilitiesof the bankrupt.  The role of the bankruptcy official (usually a trustee) is to oversee the estate of the bankrupt and to gather in and realise the bankrupt's assets including property and cash, identify creditors, and ultimately make a distribution to creditors, including NAMA, in accordance with priority. The bankruptcy official can also seek orders in respect of post-bankruptcy earnings through, for example, an income payment order or other attachment. The bankruptcy official may also have grounds to seek reversals of asset transfers for the benefit of the bankrupt's estate under the rules of the relevant jurisdiction.

NAMA does not write off its unsecured debt as a result of a debtor being adjudicated a bankrupt.  As advised, it is a matter for the bankruptcy proceedings in the relevant jurisdiction to deal with the bankrupt's debts and, even after the bankrupt has been discharged, the bankruptcy estate continues to be administered by the bankruptcy official until such time as all assets have been liquidated and the debt, in so far as possible, has been repaid. Reflecting this, I am advised by NAMA that the winding up of bankrupt estates in the vast majority of cases involving its debtors is ongoing.  NAMA's financial statements for 2014, which are available on NAMA's website, , take account of the financial position of its whole loan book including debtors that have been declared bankrupt. As with all debtor connections, NAMA conducts regular impairment reviews of connections whose principals have been declared bankrupt and, for the reasons set out, bankruptcy does not in itself cause the impairment position to deteriorate. 

NAMA advises that in each instance of bankruptcy involving a NAMA debtor it reviews its legal options and selects the most appropriate method of ensuring the best possible return for Irish taxpayers.  This includes challenging the discharge from bankruptcy in instances where there has been material non-disclosure by the bankrupt. It has also included in a small number of cases challenging bankruptcy applications for various reasons but often on the basis of Centre of Main Interests (COMI).

I am advised by NAMA that it does not generally incur costs in situations where debtors petition to bankrupt themselves, aside from the small number of cases where NAMA has challenged such bankruptcy petition where the circumstances have so prescribed. In the few cases where NAMA has initiated actions against debtors, and which ultimately result in bankruptcy, legal costs relate to the entirety of NAMA's actions to recover debts owing to it, often across a number of legal jurisdictions, and it is not feasible to segregate the costs which specifically pertain to the application for bankruptcy.  Furthermore, given the small number of cases involved, to isolate legal costs in this way could have the effect of identifying specific cases.  This would not be appropriate, particularly given that some of these legal cases are ongoing and could be subject to further legal action.  For the Deputy's information, a breakdown of legal and other professional fees incurred by NAMA in the conduct of its business for each year of its operation was provided in response to Dáil Question No. 111 on 19^thMay 2015 . 

I am advised by NAMA that as at end-May 2015 a total of 92 debtors had been declared bankrupt: 20 in Ireland, 70 in the UK, which includes Northern Ireland debtors, and 2 in the US.  Those 92 individuals had a cumulative debt exposure as part of wider debtor connections to approximately €11 billion in par debt.

A breakdown of debtor bankruptcy by year and jurisdiction is set out below:

Table 1:NAMA debtor bankruptcy by year and jurisdiction

As also set out below, 54 debtors have to date been discharged from bankruptcy.

Table 2:NAMA debtor bankruptcy discharges by year