Dáil Éireann Debate, Tuesday - 1 July 2014
121. Deputy Stephen S. Donnelly asked the Minister for Finance further to the recent publication by the National Asset Management Agency of its management accounts for the fourth quarter of 2013, if he will provide an explanation for the €2.9 million expenses incurred in Q4 2013, dubbed other income or expense without further explanation in the accounts, at the NAMA subsidiary National Asset Sarasota LLC. [28066/14]
Amharc ar fhreagraI have been informed by NAMA that National Asset Sarasota LLC (NASLLC) was established by NAMA in August 2013 as a Special Purpose Vehicle in the US to acquire a property asset located in the US, in settlement of debt, owed to NAMA. Details of NAMA's Group structure including details in respect of NASLLC are disclosed on pages 10 to 12 of the Q4 Report and Accounts. As disclosed in note 18 (page 32) of the Accounts the related property was valued at $38.5m (€29.0m) at acquisition and subsequently revalued to $36m (€26.1m) in Q4 2013, following receipt of an updated valuation. The €2.9m write down is accounted for in other income/ expenses, which is disclosed in Note 5 to the Accounts.
