Dáil Éireann Debate, Tuesday - 14 July 2015
272. Deputy Mick Wallace asked the Minister for Finance if the National Asset Management Agency informed his Department of the process involved in selling off its loan book in Northern Ireland; and if he will make a statement on the matter. [28597/15]
View answerI refer the Deputy to my response to Parliamentary Question No. 150 of 7th July 2014 to the same question.
As advised, I was not directly involved in the process itself but was kept regularly informed on an ongoing basis by the NAMA Chairman on overall progress in relation to the sale of the NAMA Northern Ireland loan portfolio. As the Deputy will appreciate, decisions on sales transactions are a matter for the NAMA Board in the context of its statutory independent commercial mandate.
With respect to two particular aspects of this transaction which have received some recent scrutiny:
- I was notified by the NAMA Chairman of the decision being taken by the NAMA Board with regard to the withdrawal of Pimco and the reasons behind this decision; and
- I also was aware that the Northern Ireland Executive sought to put a letter of intent/memorandum of understanding in place with the successful bidder to ensure the management of the portfolio post acquisition was supportive of the Northern Ireland economy. While I was aware of this, I had no role in this regard. The management of the portfolio in Northern Ireland following its acquisition from NAMA is a matter for the successful buyer and the relevant authorities in Northern Ireland.
My response to Parliamentary Question No. 150 on 7th July 2015 also sets out the particulars of my engagement with NAMA and with the Northern Ireland Executive in light of the political sensitivities in Northern Ireland to NAMA's exposure to Northern Ireland, the potential sale of such a large portfolio and the impact it may have on the Northern Ireland economy.
