Tuesday, 27 May 2014

Questions (134)

Stephen Donnelly

Question:

134. Deputy Stephen S. Donnelly asked the Minister for Finance if it is the policy of the National Asset Management Agency to market openly assets which are being sold, except in circumstances where full outstanding par debt is recoverable; and if he will make a statement on the matter. [22849/14]

View answer

Written answers (Question to Finance)

I am advised that NAMA's policy guidelines provide that wherever feasible the sale of property by NAMA debtors or receivers or the sale of loans by the Agency shall be openly marketed.  The marketing strategy for any given asset is determined by a range of factors, including asset class, size, value and location.  I note in this respect the Comptroller and Auditor General's (C&AG) finding, which is set out in its third special report on NAMA, that almost all NAMA property disposals examined by it had been sold through an open competitive process, or with testing of disposal prices against market valuation.  The C&AG concluded that "this provides reasonable assurance that the prices obtained were the best on offer in the market at the time a property was sold".