Dáil Éireann Debate, Tuesday - 22 May 2012
222 Deputy Jerry Buttimer asked the Minister for Finance if he will instruct the National Asset Management Agency and if necessary amend the NAMA Act to ensure that any sale of NAMA controlled property is done in an open and transparent manner unlike the recent sale of NAMA controlled land in Douglas, County Cork; and if he will make a statement on the matter. [25128/12]
Amharc ar fhreagraI have no function in respect of the sale of private property by the National Asset Management Agency. NAMA has not disposed of any property directly itself. 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. In any event, NAMA requires that an independent valuation process be undertaken in respect of all asset disposals.
In relation to the particular transaction to which the Deputy refers, I would draw the Deputy's attention to my response to a recent Parliamentary Question from Deputy McGrath [22511/12] in relation to the sale of land controlled by NAMA debtors in Cork. In that particular instance, NAMA advised me that the sales agent was acting on behalf of the debtor and that a competitive sales process was undertaken. The debtor was not in liquidation. I understand from NAMA that the sale was managed and implemented on behalf of the debtor by a firm of professional sales agents. Following wide engagement with viable interested parties, a special purchaser emerged in respect of the entire holding of 450 acres at a price considerably in excess of that guided by the retained professionals. It was the considered advice of the sales agent that the offer from this purchaser would be accepted. I further understand that NAMA, on receipt of this information, commissioned a second independent report by another professional firm, which agreed with the original guide price. On the basis of this independent valuation advice, which established that the price offered was 40% in excess of the 2 independent valuations and taking account of the fact that the offer was for the entire holding rather than for individual land plots within it, NAMA granted its approval to the debtor to proceed with the sale on the advised terms on the basis that this maximised the recovery for the taxpayer.
