Deputy John Deasy asked the Minister for Finance the number of non-residential properties the National Asset Management Agency has control over in Waterford City and county following the liquidation of the Irish Bank Resolution Corporation.
Reply from Minister for Finance, Michael Noonan: NAMA advises that detail on the breakdown, by county, of the value of property securing NAMA’s loans is provided in its Annual Reports and Financial Statements for 2011, which is available on the NAMA website, www.nama.ie.
Properties under the control of receivers or other insolvency professionals appointed by NAMA are listed on its website at http://www.nama.ie/about-our-work/properties-enforced/. The site allows for searches by both property type and country/area. In each instance, information about the firm dealing with the insolvency and its contact details are provided. Potential purchasers are encouraged to contact the receivers to obtain additional information on specific properties and to submit expressions of their interest to purchase.
In the case of property under the control of debtors, NAMA is precluded, under Section 202 of the NAMA Act 2009, from disclosing confidential information. Confidential information is specifically defined to include information relating to debtors.
Furthermore, Section 99 of the Act provides that, on acquisition of a loan, NAMA takes over the obligations of the participating institution under the loan, one of which is the contractual duty of confidentiality which the debtor enjoyed while still a customer of the participating institution. Information about individual debtors or guarantors is also protected against disclosure by the Data Protection Acts with which NAMA must comply as a data controller.
However, in cases where NAMA receives enquiries from potential purchasers about specific properties under the control of debtors, it can facilitate contact with a view to enabling sales transactions to take place.
For the Deputy’s information, as part of the Government’s decision on 7th February to appoint Special Liquidators (SL) to IBRC, it was decided that NAMA would acquire those loans which have not been sold after the SL have completed their current valuation and sales process.
The SL is currently in the valuation stage of this process. NAMA has therefore not yet acquired any loans from the SL, nor has it any sight of those loans, and all such loans remain under the management of the SL until such time as the sales process has been completed.