Paul Murphy (Dublin South West, Anti-Austerity Alliance)
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76. To ask the Minister for Finance the final amount the National Assets Management Agency is expected to recover on its debts relative to the €74 billion of loans it acquired; and the amount recovered to date by year. [6306/16]

Michael Noonan (Limerick City, Fine Gael)
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At inception, NAMA acquired loans with balances of €74 billion and with a current market value of €26.2 billion at acquisition.  In accordance with the European Commission's valuation methodology, NAMA paid €31.8 billion for these loans, including €5.6 billion in State aid to the five participating institutions.

It is important to recognise that NAMA acquired loans valued by reference to a property collateral valuation date of 30 November 2009.  As a result, NAMA absorbed losses arising from the 25%-30% decline in Irish property values over the following four years up to the end of 2013.  It is estimated that this market decline reduced the value of the loans by another €4.5 billion which is additional to €5.6 billion in State Aid.

Having said that, NAMA is on track to recover all of the €31.8 billion it paid to the banks, including the €5.6 billion in State aid and the €4.5 billion of further value declines to the end of 2013.  In addition, NAMA expects, based on current projections, to generate a surplus of up to €2 billion by the time it completes its work after all its financial obligations have been repaid.

NAMA's cash generation for each year since its inception is set out in the table below.

NAMA Cash Generation (€m)

I would also refer the Deputy to NAMA's Annual Reports and Accounts for each full year of operation, as well as its Quarterly Reports and Accounts, all of which are available on NAMA's website, are laid before the Oireachtas and are subject to scrutiny by the Public Accounts Committee.  I expect NAMA Annual Report for 2015 to be published in late May 2016.

In addition to NAMA's financial statements and accounts, these reports provide supplementary information required under Section 54 of the NAMA Act as set down by the Oireachtas, including:

- a breakdown of the number and condition of outstanding loans held by NAMA,

- a breakdown of disposal and non-disposal cash receipts,

- performance metrics for outstanding loans held by NAMA both by nominal value (i.e. outstanding loan balance) and carrying value,

- a categorisation of non-performing loans as to the degree of default by both nominal and carrying value,

- the number of loans foreclosed,

- the number of cases where liquidators and receivers have been appointed, and

- the legal proceedings commenced by NAMA.