Dáil Éireann Debate, Tuesday - 5 November 2013
161. Deputy Pearse Doherty asked the Minister for Finance the safeguards that are in place to prevent the National Asset Management Agency from selling property to defaulting debtors and, in particular, to third parties who may have been provided with funds by the defaulting debtor to buy the property and place the property in the third party's name, but ultimately for the benefit of the defaulting debtor. [45886/13]
View answerAs the Deputy may be aware, Section 172 of the NAMA Act precludes NAMA from selling loans or property to a defaulting debtor or to parties connected to a defaulting debtor. In accordance with Section 172 of the Act, purchasers of NAMA loans or secured property are required to sign a statutory declaration that they are not connected to the debtor or other obligors. In addition, NAMA Board guidelines require that sales agents prepare a final report and recommendation, which includes, inter alia, confirmation that the sales agent has reviewed the purchaser’s declaration relating to connected party sales and a statement disclosing any commercial relationship between the agent, debtor, purchaser or purchaser’s ultimate beneficial owners in the past five years. If the Deputy has a query surrounding a specific sale he can contact NAMA directly through the email address oir@nama.ie.
