Dáil Éireann Debate, Thursday - 3 May 2012
72 Deputy Michael McGrath asked the Minister for Finance his views on the recent disposal by Irish Life investment managers of its stake in the National Asset Management Agency special purpose vehicle; the implications of this for the accounting treatment of the NAMA bonds in the general Government debt; his views on the operation of the special purpose vehicle; and if he will make a statement on the matter. [22510/12]
Amharc ar fhreagraThe NAMA SPV was established with Eurostat approval and with Irish Life as one of the private owners. However, as Irish Life is now in public ownership, Eurostat attached a reservation to our Maastricht Returns in which it raised concerns about the private sector ownership of the NAMA SPV and consequently the treatment of NAMA for the purposes of calculating General Government Debt. I am advised that the sale of the Irish Life shareholding in the NAMA SPV to private investors has been agreed and it is anticipated that the transaction will be completed in the coming weeks. As a consequence, we expect that the General Government Debt treatment of the NAMA SPV will be unchanged.
73 Deputy Michael McGrath asked the Minister for Finance the number of properties that have been sold, that is, legally binding contracts in place by the National Asset Management Agency or by agents acting on behalf of NAMA and, of this number, if he will confirm the number and total value of such properties which were up for sale on the open market and publicly advertised; and if he will make a statement on the matter. [22511/12]
Amharc ar fhreagra74 Deputy Michael McGrath asked the Minister for Finance if the sale of all properties by or on behalf of the National Asset Management Agency are required to be put up for sale on the open market and publicly advertised. [22512/12]
Amharc ar fhreagraI propose to take Questions Nos. 73 and 74 together.
I am informed by NAMA that other than for land which is under its direct control, NAMA itself does not sell property securing its loans. I am advised by NAMA that, up to end-March 2012, its debtors and receivers have completed 663 legally binding sales transactions of property located in Ireland, some of which relate to multiple properties such as apartment blocks, with a total value of €508 million. I am advised that the NAMA Board has issued guidelines to be followed by its debtors and receivers in terms of the disposal of assets, which require, wherever feasible, their sale on the open market and their public advertisement. I am advised by NAMA that this covers the vast majority of such sales.
