Dáil Éireann Debate, Wednesday - 13 January 2021
211. Deputy Catherine Murphy asked the Minister for Finance if assets were sold back to and-or transferred by NAMA and-or a third party to a person (details supplied) following their bankruptcy; and if he is satisfied that the beneficial owner procedures have been adhered to in relation to this asset. [44742/20]
Amharc ar fhreagraAs the Deputy will be aware, NAMA does not typically own or sell properties, rather NAMA owns loans for which the properties act as security. Secured properties remain in the ownership and control of their registered owners, or appointed receivers where applicable. These parties also manage the sales process.
As regards the property referenced by the Deputy, I am advised that the property was openly marketed and sold by the appointed receiver in 2013. Once a property has been sold, NAMA has no further involvement.
By virtue of sections 99 and 202 of the NAMA Act, NAMA is precluded from disclosing the name of the purchaser of the asset, however NAMA has confirmed to me that the purchaser was not the individual referenced by the Deputy. Additionally, NAMA confirms that, at the time of the sale, NAMA obtained written confirmations from the purchaser of the property which confirmed that, among other things, the purchaser was not a party precluded from completing the purchase by virtue of section 172(3) of the NAMA Act.
Section 172(3) is a legal provision that prevents assets held as security for loans acquired by NAMA from being sold back to defaulting debtors, or persons acting on behalf of defaulting debtors. Additionally, under section 7(2) of the NAMA Act, any person who intentionally, recklessly or through gross negligence provides false or inaccurate information to NAMA commits a crime.
On the basis of the information provided by NAMA regarding this transaction, I am satisfied that the asset disposal was compliant with section 172 of the NAMA Act.
