Parliamentary Question on Minister for Finance’s approach to NAMA

DÁIL QUESTION NO  265 

To ask the Minister for Finance the actions he has taken and those he proposes to take in relation to his stated policy of pursuing to the ends of the earth those that have transferred property and have loans in the National Assets Management Agency; and if he will make a statement on the matter.

– Joe Carey.

*    For WRITTEN answer on Wednesday, 12th January, 2011.

Ref No: 1076/11

REPLY

Minister for Finance ( Mr Lenihan) :           I am aware that the Chairman of NAMA has recently outlined a range of measures which the Agency is adopting in its drive to ensure that debtors meet their obligations. In return for NAMA’s ongoing support, NAMA requests from Debtors significant lifestyle changes, the reversal of asset transfers and the granting to NAMA of legal charges over unencumbered assets. I am informed that three debtors have alreadydecoration: underline;”>NO  265 

To ask the Minister for Finance the actions he has taken and those he proposes to take in relation to his stated policy of pursuing to the ends of the earth those that have transferred property and have loans in the National Assets Management Agency; and if he will make a statement on the matter.

– Joe Carey.

*    For WRITTEN answer on Wednesday, 12th January, 2011.

Ref No: 1076/11

REPLY

Minister for Finance ( Mr Lenihan) :           I am aware that the Chairman of NAMA has recently outlined a range of measures which the Agency is adopting in its drive to ensure that debtors meet their obligations. In return for NAMA’s ongoing support, NAMA requests from Debtors significant lifestyle changes, the reversal of asset transfers and the granting to NAMA of legal charges over unencumbered assets. I am informed that three debtors have already agreed to the reversal of some €130m in asset transfers as part of their business plan review with NAMA. 

In relation to asset transfers, in circumstances where it is obvious that the purpose of an asset transfer, whether to a spouse or otherwise, was a pre-emptive attempt to put assets beyond the reach of NAMA, NAMA has a number of sta