NAMA Transactions

Dáil Éireann Debate, Tuesday - 24 July 2018

Tuesday, 24 July 2018

Questions (179)

Mick Wallace

Question:

179. Deputy Mick Wallace asked the Minister for Finance further to Parliamentary Question No. 57 of 5 July 2017, his views on whether the debt refinancing loan sale Project Nantes relating to a company (details supplied) may have constituted a substantial loss to the taxpayer; if the loans related to Project Nantes were sold for €26.6 million and had a nominal value of €352 million; if his attention has been drawn to a conflict of interest with regard to the company that purchased the loans and the original debtor; if he will make immediate enquiries with NAMA in relation to this sale; and if he will make a statement on the matter. [32695/18]

Written answers

Minister for Finance

As I have already highlighted in my response to Parliamentary Question No. 57 of 5 July 2017, Section 9 of the NAMA Act 2009 provides that NAMA is independent in the performance of its functions and that I, as Minister for Finance, have no role in relation to its commercial decisions.  I am advised by NAMA that it is satisfied that it obtained the best achievable financial return from this transaction. 

Under sections 99 and 202 of the NAMA Act, NAMA is legally prohibited from disclosing information relating to its debtors or the assets securing their loans. As Project Nantes constituted a debt refinancing transaction NAMA is not in a position to disclose any additional information in relation to this transaction.