Wednesday, 2 April 2014

Questions (70)

Patrick O'Donovan


70. Deputy Patrick O'Donovan asked the Minister for Finance the safeguards in place within his Department to prevent the prospect of persons who moved properties into the National Asset Management Agency buying them back; and if he will make a statement on the matter. [15490/14]

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Written answers (Question to Finance)

As 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.