NAMA Property Sales

Dáil Éireann Debate, Wednesday - 19 February 2014

Wednesday, 19 February 2014

Questions (82)

Kevin Humphreys

Question:

82. Deputy Kevin Humphreys asked the Minister for Finance the price the National Asset Management Agency realised for the site of five acres on the Merrion Road beside Booterstown nature reserve when the agency sold it in March 2012; the value of the underlying loan on the property at the time; if it was sold on the open market; the reason the offer from Dublin City Council and Dún Laoghaire County Council were not taken into consideration in view of its potential as a social dividend; if his attention has been drawn to the fact that it is for sale again at a multiple of the price realised by NAMA; and if he will make a statement on the matter. [8441/14]

Written answers

Minister for Finance

I would remind the Deputy that, as Minister for Finance, I have no role in the day-to-day detail of NAMA's sales strategy. It would not be appropriate for me to comment further on an individual property or transaction. The asset was sold by the appointed Receiver after being openly marketed.  What a purchaser does thereafter is a matter for him or her.

On the general social dividend point, Section 10 of the NAMA Act statutorily obliges NAMA to 'obtain the best achievable return for the State' from the management or its acquired loan portfolio. NAMA is obliged to carry out its functions in the context of the overriding commercial objective provided for by Section 10 of the Act and to recover the greatest amount possible for the taxpayer from the sale of loans and properties securing its loans.

As part of ensuring this, it is NAMA's clear policy that properties and loans that are for sale are openly marketed.  This ensures a competitive and transparent sales process and the best possible financial returns for the taxpayer.

Importantly however, the NAMA Board has committed to giving first refusal to any public authority, including Government Departments, State agencies and local authorities, in respect of the purchase of property from NAMA debtors and receivers which may be suitable for their purposes.