Dáil Éireann Debate, Thursday - 3 October 2013
60. Deputy Gerry Adams asked the Minister for Finance if he will use his powers under section 14 of the National Asset Management Agency Act 2009 to direct NAMA to delay the sale of lands at St. Edmundsbury, County Dublin, so as to enable consideration of the State's interest in these lands in view of the way they might be used to contribute to the social and economic development of the State as per section 2(b)(vii) of the NAMA Act. [41494/13]
View answerI do not intend to use my powers under Section 14 of the NAMA Act to direct NAMA on the sale of this property. The property in question was sold at auction on the 27th of September and had been for sale on the open market for some time, which allowed any interested buyer to make their interest known to the seller. As the Deputy will be aware that given the independence afforded to NAMA by the NAMA Act, and NAMA’s mandate having been established through legislation, I have no role as Minister for Finance in relation to strategies applied by NAMA in fulfilling that mandate. Decisions relating to the sale of properties securing its loans are an operational matter for the Board of NAMA which is guided by its commercial mandate under the NAMA Act 2009. NAMA’s role is that of a secured lender, like any bank they own the debt while the debtor or appointed liquidator still owns and controls the assets and is ultimately responsible for these assets, the Agency is therefore not in a position to compel its debtors and receivers to cede property either free of charge or at less than market value.
NAMA fulfils its social obligation remit by facilitating a dialogue between NAMA debtors and third parties so as to enable the latter to acquire suitable property for social, sporting and other public purposes. To this end the NAMA Board has committed to giving first option to State bodies on the purchase of property which may be suitable for their purposes where these bodies have requirements such as schools, hospitals, and so on. When considering any transaction under its social obligation, Section 10 of the NAMA Act requires NAMA to maximise the return on its loans for the benefit of the taxpayer.
