Dáil Éireann Debate, Thursday - 12 June 2014
49. Deputy Finian McGrath asked the Minister for Finance the position regarding a property that was sold by the National Asset Management Agency (details supplied); and if he will make a statement on the matter. [25023/14]
View answer55. Deputy Finian McGrath asked the Minister for Finance the position regarding a property that was sold by the National Asset Management Agency (details supplied); and if he will make a statement on the matter. [25022/14]
View answerI propose to take Questions Nos. 49 and 55 together.
I am advised that the sale of this property is being managed by Keenan Corporate Finance (KCF) as the appointed Administrator. The property was placed on the open market in March 2012 with the marketing process closing in late April 2012. The highest bidder was Granard Motte Community Enterprise Ltd. (GMCE). Following the failure of GMCE to complete the transaction within the agreed timeframe post consideration of all bids, KCF advised that it could not recommend its offer to NAMA due to the requisite funding not being in place. NAMA requested that the Administrator extend the period of time afforded to GMCE to enable it to raise the funding necessary to complete the transaction following assurances from GMCE that it expected to be in a position to complete the purchase within a reasonable timeframe. However, and notwithstanding repeated assurances from it, GMCE has to date, more than two years later, failed to complete the transaction. NAMA advises that the property in question secures a loan which is part of the Northern Ireland Project Eagle portfolio disposal transaction. If the sale of that portfolio proceeds, the issue will be for the new owners of the portfolio to determine.
As the Deputy is aware, NAMA is not in a position to gift assets to potential purchasers as it is obliged to set the realised value of assets against the indebtedness of its debtors.
