Dáil Éireann Debate, Wednesday - 18 May 2016
66. Deputy Marc MacSharry asked the Minister for Finance if he has concerns that the leaked information from the National Asset Management Agency, including valuation information, ended up in the hands of funds or entities bidding to purchase assets from it; if the State suffered a loss as a result; and if he will make a statement on the matter. [10935/16]
Amharc ar fhreagra67. Deputy Marc MacSharry asked the Minister for Finance if any of the recipients of the leaked information from the National Asset Management Agency or their employees or agents are connected to, employed by or comprise any of the eventual successful bidders for the properties that are the subject of the leaks; and if he will make a statement on the matter. [10936/16]
Amharc ar fhreagraI propose to take Questions Nos. 66 and 67 together.
I am advised that NAMA has stated, and the Gardaí in turn advised the Courts, that NAMA does not consider that it suffered any loss arising from the unlawful disclosure of the confidential NAMA information which was the subject of the recent prosecution in the Dublin Circuit Criminal Court. I am advised that it was not part of the DPP's case that NAMA's ability to conduct its business had been compromised by the disclosure.
I am advised that there is no evidence to suggest that there are connections between the recipients of the unlawful disclosures and bidders for assets that may have been offered for sale by NAMA debtors. In any event, I am advised that, as part of NAMA asset and loan sales, the information provided to potential bidders is much more comprehensive than the unlawfully disclosed 2009 information which was the subject of the recent Circuit Criminal Court case. Accordingly, I am advised that no advantage would accrue to the recipients of the unlawfully disclosed information in any competitive bidding process as it is market value as determined at the time of sale that is the basis for NAMA's assessment of any bids.
I am advised that NAMA's policy is that the sale of all loans and the sale of properties by debtors and receivers should be openly marketed wherever possible to ensure that the best price available in the market is achieved in all instances. NAMA enjoys a strong reputation in the market for the quality of information it provides as part of its property portfolio and loan sale processes and for the transparent and professional manner in which such transactions are executed. Both its property portfolio and loan sales processes are built on international best practice and NAMA uses experienced advisers to ensure that transactions are executed to the highest market standards and that bidders are treated equally by mapping out a clear and rigorous process to be followed in each sale.
Prior to the launch of a property portfolio or a loan sale, all relevant data, including loan agreements, security and title documentation, data tapes, lease information and tenancy schedules, is assembled in a data room by NAMA in conjunction with its legal and loan sale advisors. An initial high-level summary of the property or loan portfolio is then issued to potential purchasers so as to generate as much interest as possible.
Bidders are required to submit binding unconditional bids, proof of funding and marked-up contracts for sale. The final bids are assessed by NAMA with advice and recommendations from the portfolio sales agents or loan sales brokers, and a recommendation is made to the appropriate decision-making authority in NAMA. The successful and unsuccessful parties are advised of the outcome with the successful party also being notified of the timescale for completing the transaction.
