NAMA Property Sales

Dáil Éireann Debate, Tuesday - 5 November 2013

Tuesday, 5 November 2013

Questions (188)

Seán Crowe

Question:

188. Deputy Seán Crowe asked the Minister for Finance if he will establish an independent mechanism where the sale of property and outlets by the National Asset Management Agency is reviewed and a report given to Dáil Éireann, or a nominated Dáil Committee, outlining the original perceived value of the property or outlet; the perceived value at point of sale, the sale price and the value of the property or outlet now; if he will also include the person or company to whom it was sold; and for full accounting years to end 2013 and in future years. [46349/13]

Written answers

Minister for Finance

I do not intend to establish such a mechanism. NAMA does not sell property. Rather, property securing NAMA’s loans are sold by debtors and receivers. NAMA is subject to confidentiality obligations under sections 99 and 202 of the NAMA Act. It also has a commercial and statutory independent mandate and strategies applied in accordance with this mandate, including those relating to the sale of property, are a matter for the NAMA Board. As with the detailed business of other commercial State bodies, it would be inappropriate for members of the Oireachtas to become involved in the detail of individual transactions involving NAMA. It is my view also that the effect of the proposed mechanism would be to place NAMA and, by extension, Irish taxpayers, at a commercial disadvantage relative to banks and other competing deleveraging entities. There is also a risk that such a mechanism would discourage potential buyers from participating in NAMA-related sales.