Paul Murphy (Dublin South West, Socialist Party)
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299. To ask the Minister for Finance the projected payment schedules for future housing projects funded by the National Asset Management Agency; and his views on claims that there are administrative blockages in the agency, which appear to be hindering the release of funds to contractors and design professionals for works carried out in certain projects to date. [37702/15]

Paul Murphy (Dublin South West, Socialist Party)
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300. To ask the Minister for Finance his views on reports that in many projects funded by the National Asset Management Agency design works are required to be completed prior to any funds being paid to design firms; and the average time projected for payments to project design professionals for work to be undertaken on future agency housing schemes. [37703/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 299 and 300 together.

As the Deputy is aware NAMA has acquired loans from five participating institutions and is not the owner or manager of properties.  NAMA's role is, like a bank, that of a secured lender.Properties securing NAMA's loans are managed by their existing owners or, in the case of enforcement, on NAMA's behalf by duly appointed insolvency practitioners. These owners and insolvency practitioners are responsible for managing all assets, including the procurement of design, planning and construction services as required. NAMA requires debtors and receivers to agree project budgets in advance of incurring any expenditure. Where drawdown requests are made by debtors or receivers in line with agreed budgets NAMA typically processes such requests within 2 working days.  In the context of such short approval periods, the suggestion that there are administrative blockages does not stand up to scrutiny. While there is no question of NAMA's credit application and drawdown processes giving rise to any material delay in the payment of approved expenditure, the Deputy will no doubt appreciate that expenditure of taxpayers' money must be managed rigorously and prudently.

Within the context of the above, NAMA expects its debtors and receivers to discharge all approved expenditure in a timely fashion. The Deputy will appreciate that in most commercial situations works commissioned will require completion prior to payment. If the Deputy wishes to raise a particular case then I would encourage him to contact NAMA using the dedicated Oireachtas email address and NAMA has assured me they will examine the matter.