Dáil Éireann Debate, Tuesday - 16 April 2013
254. Deputy Pearse Doherty asked the Minister for Finance the procedure adopted by the National Asset Management Agency when a substantial multi million euro offer is made to the Agency for a property on its foreclosure list which is not presently listed for sale. [16365/13]
View answerThe Deputy will be aware that NAMA’s interest in property is, generally speaking, that of a lender holding security for its loans rather than that of an owner. Individuals who have an interest in a property that is related to a NAMA loan are encouraged therefore to make direct contact with the owner of the property or, in the case of property that is subject to enforcement, with the appointed receiver. NAMA advises that all enforced properties securing its loans are listed on its website, www.nama.ie, along with the details of the appointed receiver. Where interested parties contact NAMA directly, the Agency will work to facilitate engagement with the debtor or receiver. I am advised by NAMA that, in the case of enforced properties, it is a matter for the Receiver to assess any proposals made by prospective purchasers and to make recommendations to NAMA in relation to such proposals. NAMA advises that irrespective of whether a property is listed for sale or not, a Receiver will as a matter of course consider any approaches from interested parties and will assess all proposals on their merits. In many instances, after receiving such approaches, sales agents have been appointed to market the property and to deal with offers from the original bidder and other interested parties. This is in line with NAMA’s requirement that properties securing its loans should be, wherever feasible, openly marketed. Where it is decided however that the proposal is premature or unacceptable, the Receiver will advise the interested party of this and the status of the property in terms of readiness for sale. NAMA advises that there are myriad reasons why a property might not be available for sale at any point in time. For example, the Receiver may be working through outstanding title defect or ownership, planning and compliance issues or the commercial strategy may be to rent a property rather than to sell it now in order to maximise its long-term recoverable value. In all instances, the Receiver will take appropriate steps to maximise the value of the asset and the strategy in relation to the asset and the timing of any sale will be geared towards achieving this. NAMA have advised me that where a person makes an offer to a Receiver and they have not received an acknowledgement, they are welcome to submit such an offer to Head of Asset Recovery, NAMA who will discuss the matter with the Receiver.
