Written Answers - National Asset Management Agency

Thursday, 19 July 2012

Dáil Éireann Debate
Vol. 773 No. 3

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  85.  Deputy Michael McGrath  Information on Michael McGrath  Zoom on Michael McGrath   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   the amount of fees incurred by the National Asset Management Agency in respect of the appointment of receivers to the National Asset Management Agency debtors in each of the years 2010, 2011 and to date in 2012; if he will confirm the number of receivers that have been appointed by the National Asset Management Agency for each of these years; and the number of different professional first that have been appointed as receivers by the agency. [36161/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  I am advised by NAMA that fees are not paid to receivers directly by banks or NAMA rather they are paid out of the proceeds of assets under receivership or the management thereof pending realisation. NAMA also advises that the costs incurred through the appointment of receivers to NAMA-managed debtor connection assets are as follows:

Year €m
2010 2
2011 10.3

The figure for 2012 relates to costs incurred after the NAMA loan acquisition dates. Costs incurred through receiver appointments by participating institutions (PI) are currently being collated by the institutions but are expected to be materially less.

NAMA advises that to the end of June 2012, 235 Receiver appointments had been made to 176 separate debtor connections. There are a number of connections to which more than one receiver firm is engaged, which explains the difference between Receiver appointments (235) and debtor connections (176). NAMA advises that this predominantly occurs in situations where debtors have assets in two or more jurisdictions giving rise to at least two separate appointments or in instances where a combination of corporate and fixed charge receivers are used depending on the asset type and legal security.

The number of receiver appointments by NAMA and PI are detailed below:

NAMA

Year No. of Receiver Appointments
2010 58
2011 35
2012 19
Total 112

PI

Year No. of Receiver Appointments
2010 79
2011 38
2012 6
Total 123

NAMA advises that receiver appointments for 2010 include those made prior to the acquisition of the loans by NAMA. Receiver appointments by the PIs include appointments made since acquisition of the loans by NAMA which continued to be managed by the PIs. I am advised that NAMA has selected 30 separate firms in respect of its 112 appointments since 2010. The PIs have engaged 29 separate firms in respect of their 123 appointments.


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