Dáil Éireann Debate, Tuesday - 20 October 2015
274. Deputy John McGuinness asked the Minister for Finance if he is aware of any cases where the National Asset Management Agency has declined the highest offer on a property; and if he will make a statement on the matter. [36005/15]
Amharc ar fhreagraWhere NAMA receives a recommendation from a debtor or receiver in respect of the sale of a property, it requires evidence that the recommended bid is the highest executable qualifying bid available in the market. The Deputy will appreciate that, as for any seller, mitigation of execution risk, particularly in the context of conditionality attaching to bids or inability to prove funding, is an important consideration in NAMA s decision-making process. Accordingly, there may be instances where, in NAMA s judgement, the execution and legal risk is unacceptably high and it selects the next highest bid with a more acceptable level of execution risk. NAMA constantly reviews the sales strategy for any given asset by reference to its independent commercial mandate to recoup maximum return to the Irish taxpayer.
