Dáil Éireann Debate, Tuesday - 7 July 2015
152. Deputy Brendan Smith asked the Minister for Finance if a memorandum of understanding exists between his Department, the National Asset Management Agency and the successful bidder for the Northern Ireland loan book; and if he will make a statement on the matter. [27683/15]
Amharc ar fhreagraThe Department of Finance did not enter into any Memorandum of Understanding with NAMA, the ultimate purchaser, or any other third party in respect of the sale of the Northern Ireland loan portfolio. I am advised by NAMA that the Agency, likewise, did not enter into any such Memorandum of Understanding with any involved third party. The sale of NAMA Northern Ireland loan portfolio was conducted on an open market competitive basis and all bidders were given equal access to the same information. As is standard in any loan sale between two parties, there is a Loan Sale Agreement between NAMA and the loan sale buyer which is commercially confidential.
I am aware that the Northern Ireland Executive sought to agree letters of intent with potential purchasers of the NAMA Northern Ireland loan portfolio regarding the intended management of the portfolio post acquisition from NAMA. I understand that the purpose of establishing such letters of intent by the Northern Ireland Executive was to help protect and promote the recovery of the Northern Ireland property market and broader economy in the context of the potential concentrated ownership of property across that economy by a single investor following its sale by NAMA.
