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IBRC Loans

Dáil Éireann Debate, Thursday - 20 February 2014

Thursday, 20 February 2014

Questions (32)

Seán Kyne

Question:

32. Deputy Seán Kyne asked the Minister for Finance in view of the fact that the policy of ensuring that persons whose loans or business interests are acquired by the National Asset Management Agency are not eligible to purchase said loans-business interests when sold by NAMA, if he will provide assurances that appropriate procedures, checks and balances are in place to ensure that such persons do not purchase or acquire the same business interests through holding companies or other such indirect means. [8294/14]

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Written answers

Where NAMA approves the sale of any loan or approves the sale of any secured property by a debtor, it requires a confirmation that the purchaser is not connected to the debtor or other obligers.    As part of this process, NAMA requires that the selling agent prepares a final report and recommendation for each sale, which includes, inter alia, confirmation that the agent has reviewed the purchaser s confirmation 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.

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