Tuesday, 11 December 2018

Questions (151)

Catherine Murphy

Question:

151. Deputy Catherine Murphy asked the Minister for Finance the number of criminal cases arising from breaches of section 172 of the National Asset Management Agency Act 2009 since its introduction; and if he will make a statement on the matter. [52038/18]

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Written answers (Question to Finance)

The Deputy will be aware that Section 172(3) of the NAMA Act 2009 is a legal provision preventing any interest in property held as security for loans acquired by NAMA from being sold back to defaulting debtors, or persons acting on behalf of defaulting debtors.

In order to ensure compliance with Section 172(3), I am advised that NAMA has a policy of obtaining written confirmation from purchasers of NAMA-secured assets which confirms that, among other things, the purchaser is not a party precluded from completing the purchase by virtue of Section 172(3) of the NAMA Act. I am advised that Section 172(3) confirmations are examined by NAMA during the later stages of a sales transaction.

I am advised by NAMA that, to date, so far as it is aware, there have been no criminal cases arising from breaches of Section 172(3) of the NAMA Act 2009.