Dáil Éireann Debate, Wednesday - 17 September 2014
263. Deputy Stephen S. Donnelly asked the Minister for Finance further to the statement by the chief executive officer of a company (details supplied), if he is concerned that State-controlled assets are being sold to this and similar organisations at prices which do not reflect long-term values; and if he will make a statement on the matter. [34244/14]
View answerIt would be completely inappropriate for me to comment on these third party opinions. I am advised that NAMA's strategy in each of its main markets has been to release assets for sale in a phased and orderly manner consistent with the level of demand, the availability of credit and the absorption capacity of each market. In Ireland, over the period from 2010 to 2012, NAMA adopted a strategy of limiting asset disposals into a market where demand was practically non-existent and where prices were still trending downwards. Releasing too many assets for sale could have damaged a very fragile market.
In 2013, the Irish market stabilised and commercial yields were at levels which began to attract the attention of serious investors. The strategy adopted by NAMA in its early years has contributed to the robust recovery that is now evident in the market, a recovery which in turn has enabled NAMA to increase the flow of assets for sale and to sell loan portfolios and properties at very competitive prices.
NAMA's policy is that the sale of all loans and the sale of properties by debtors and receivers should be openly marketed to ensure that the best price available in the market is achieved in all instances. I fully endorse NAMA's strategy of taking full advantage of current strong market conditions to reduce the contingent liability on taxpayers represented by its senior, State-guaranteed, bonds.
