| Ref No | Member | Question | Tabled | Status | Index Terms |
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AQW 48181/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the First Minister and deputy First Minister whether the First Minister's statement of endorsement of the Cerberus deal on 4th April 2014 was made with the agreement of the deputy First Minister and on behalf of both ministers.
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| 03/07/2015 |
Question Withdrawn
| Ministerial statements; Financial institutions; Financial markets; Assets; Sales; National Asset Management Agency |
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AQW 48180/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the First Minister and deputy First Minister in light of the allegations made in the Dail on 2 July 2015 concerning Cerberus, and in particular the suggestion of a link to a local politician, what steps will be taken to ensure these matters are adequately investigated.
[Priority Written]
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| 03/07/2015 |
Question Withdrawn
| Media; Legal profession; Legal representation; National Asset Management Agency; Financial institutions; Financial markets; Fraud; Reviews |
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AQW 47960/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel given her Department's previous interest in the future of Ulster Bank, whether the interest of local customers are adequately protected in circumstances where the bank has sold its loan book to Cerberus without the consent of each borrower, as promised in facility letters signed by such borrowers.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard.
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| 30/06/2015 |
Answered on 17/07/2015
| Financial institutions; Banks; Loans; Business; Sales; Debts; Devolved matters |
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AQW 47957/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel, pursuant to AQW 35938/11-15, to detail the consultation that took place with her Department over the sale of National Asset Management Agency's (NAMA) Northern Ireland debt portfolio to Cerberus Capital.
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Written answer:
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My Department was not consulted on the sale of the NAMA Northern Ireland loan portfolio to Cerberus Capital Management.
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| 30/06/2015 |
Answered on 20/07/2015
| National Asset Management Agency; Public consultation; Debts; Assets; Departmental responsibilities; Sales; Business |
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AQW 47250/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel, pursuant to AQW 46431/11-15 whether a draft Memorandum of Understanding ever existed ; and why it was not executed.
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Written answer:
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My Department does not have, nor has it ever had a Memorandum of Understanding with Cerberus.
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| 16/06/2015 |
Answered on 20/07/2015
| Government departments; Business; Loans; Debts; Banks; Economic agreements; Contracts |
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AQW 46639/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the First Minister and deputy First Minister, following the First Minister's statement on 4 April 2014, to detail (i) what work took place between Cerberus and the Executive in the weeks following his statement; and (ii) was a Memorandum of Understanding agreed.
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| 03/06/2015 |
Question Withdrawn
| Meetings; Government departments; Financial services; Business; Loans; Debts; Ministerial statements |
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AQW 46638/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the First Minister and deputy First Minister, following the First Minister's statement on 4th April 2014, to detail (i) the Cerberus delegation; (ii) who the Cerberus delegation met; and (iii) if the visit did not take place, why this was the case.
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Written answer:
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Following the purchase of the Project Eagle portfolio of loans from the National Asset Management Agency we met with Mr. Dan Quayle, Chairman of Cerberus Global Investments in September 2014 to discuss the organisation’s plans. We emphasised the importance of a long term strategic approach taking into account the needs of the local economy.
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| 03/06/2015 |
Answered on 05/01/2016
| Ministerial statements; Financial services; Debts; Loans; Management; National Asset Management Agency |
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AQW 46514/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel what positive development opportunities have resulted from the activities of Cerberus in Northern Ireland.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
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| 01/06/2015 |
Answered on 15/06/2015
| Banks; Business; Loans; Financial services; Investment |
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AQW 46512/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel to outline any discussions her departmental officials have had regarding how long Cerberus anticipates being active within Northern Ireland.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
|
| 01/06/2015 |
Answered on 15/06/2015
| Government departments; Business; Loans; Debts; Banks; Financial services |
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AQW 46508/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel for her assessment of whether the actions of Cerberus are making a positive contribution to the Northern Ireland economy and on what does she base her assessment.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
|
| 01/06/2015 |
Answered on 15/06/2015
| Banks; Business; Loans; Economic activity; Financial services; Investment |
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AQW 46452/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel for her assessment of how Cerberus is treating local businesses whose debts are not significantly impaired.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
|
| 29/05/2015 |
Answered on 15/06/2015
| Business; Banks; Loans; Debts; Financial services |
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AQW 46451/11-15
|
Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel for her assessment of whether Cerberus is treating Northern Ireland businesses in a balanced, fair and transparent manner and what mechanisms are in place to permit her to make an assessment on these matters.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
|
| 29/05/2015 |
Answered on 15/06/2015
| Business; Banks; Loans; Debts; Management; Financial services |
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AQW 46432/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel whether Cerberus is licensed to act as a bank in Northern Ireland; and if it is subject to the Financial Services Authority.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
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| 29/05/2015 |
Answered on 15/06/2015
| Licensing; Banks; Financial institutions; Business; Debts; Loans; Financial services |
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AQW 46431/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel whether her Department, on behalf of the Executive, has signed a Memorandum of Understanding with Cerberus; and if not, whether a draft Memorandum of Understanding ever existed, and if so, why it was not executed.
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Written answer:
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The regulation of financial services is a reserved matter and my Department does not have any formal authority in this regard. Rather, it is for the proper, regulatory authorities to ensure businesses operating in the financial services industry comply with the legally defined standards of conduct and prudential management. My Department does not have a Memorandum of Understanding with Cerberus. However, arrangements are in place whereby my officials meet with representatives of Cerberus on a regular basis to discuss the firm’s activities in Northern Ireland and where they emphasise my expectation that borrowers are treated in a balanced, fair and transparent manner. Cerberus is an investor with global experience of improving the assets it acquires and which also has the ability to invest in those assets. On that basis, I would hope Cerberus will have a positive impact in Northern Ireland. But it is too early to form a definitive view at this stage. Nor am I in a position to comment on the likely duration of Cerberus’ activity in Northern Ireland. That is a matter for the firm itself.
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| 29/05/2015 |
Answered on 15/06/2015
| Government departments; Business; Loans; Debts; Banks; Financial services |
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AQW 36095/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel to detail the local consultants involved in the sale of the National Asset Management Agency's Northern Ireland debt portfolio to Cerberus Capital Management.
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Written answer:
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My Department is not responsible for NAMA which is an agency of the Irish Government. I therefore do not hold this information.
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| 17/09/2014 |
Answered on 03/10/2014
| National Asset Management Agency; Debts; Assets; Consultants; Business |
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AQW 35939/11-15
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Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel for his assessment of the future of companies whose financing debts were sold as part of National Asset Management Agency's Northern Ireland debt portfolio to Cerberus Capital Management, particularly given the experience with US fund Blackstone in the Republic of Ireland.
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Written answer:
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My Department has not engaged with Cerberus Capital Management and therefore I am not in a position to comment on its asset management strategy. Clearly, however, I would like to see Northern Ireland debtors treated reasonably and I will monitor this situation going forward.
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| 15/09/2014 |
Answered on 26/06/2015
| National Asset Management Agency; Debts; Assets; Finance; Republic of Ireland |
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AQW 35938/11-15
|
Mr Jim Allister KC
(TUV - North Antrim)
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To ask the Minister of Finance and Personnel to detail (i) what consultation took place with his Department over the sale of National Asset Management Agency's (NAMA) Northern Ireland debt portfolio to Cerberus Capital Management; (ii) what role did Northern Ireland representatives on NAMA play; and (iii) the role played by his Department and the Northern Ireland Executive.
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Written answer:
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My Department is not responsible for NAMA, which is an agency of the Irish Government. DFP did not have a role in the sale of NAMA’s Northern Ireland loan portfolio to Cerberus Capital Management.
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| 15/09/2014 |
Answered on 26/06/2015
| National Asset Management Agency; Public consultation; Debts; Assets; Departmental responsibilities; Sales; Business; Republic of Ireland |