Dáil Éireann Debate, Tuesday - 27 September 2016
164. Deputy John Brassil asked the Minister for Finance the position regarding the large 28-acre property in Rathmore that is owned by NAMA; the reason the local authority was not informed that this property was in the NAMA portfolio; and if he will make a statement on the matter. [26659/16]
Amharc ar fhreagraThe Deputy will appreciate that NAMA does not own or sell properties. It has acquired loans and its relationship to the properties securing those loans is, like a bank, that of a secured lender. NAMA is bound by both statutory and contractual obligations of confidentiality. Neither NAMA nor I can comment on individual cases. Specifically, NAMA is subject to similar requirements as banks and other lenders that do not allow them to disclose information relating to individual debtors or information relating to properties that may have been pledged as security for NAMA loans.
More generally, it would not be feasible or practicable for NAMA, or indeed any bank or financial institution, to advise each local authority of each parcel of land that secures its loans. However, a large number of Government departments, State agencies and local authorities have engaged directly with NAMA in relation to their specific property requirements. In turn, NAMA has facilitated debtors and receivers to sell or lease properties, on commercial terms, to public bodies to meet a wide range of demonstrable public purposes.
I am advised, by NAMA, that such transactions include the sale and long-term leasing of over 2,000 houses and apartments for social housing; the sale of sites for new primary and secondary schools; the sale of sites and properties for the provision of primary healthcare facilities; and the sale of strategic sites to local authorities for urban economic, environmental and cultural regeneration. For example, NAMA facilitated the sale of the Hanging Gardens building on Limerick's Henry Street to Limerick City and County Council for redevelopment as a major commercial development hub to act as a catalyst for inward investment into the mid-west.
These transactions have been facilitated by NAMA in accordance with NAMA's established Board policy which gives public bodies, where feasible, first option on the purchase of property securing its loans at its assessed market value.
If the Deputy wishes to discuss a particular matter regarding NAMA, I would encourage him to contact NAMA directly using the dedicated email address for members of the Oireachtas - oir@nama.ie - which is regularly monitored.
