National Asset Management Agency

Dáil Éireann Debate, Tuesday - 14 June 2022

Tuesday, 14 June 2022

Ceisteanna (381, 382, 383)

Thomas Gould

Ceist:

381. Deputy Thomas Gould asked the Minister for Finance when NAMA sold the Bessboro site. [29437/22]

Thomas Gould

Ceist:

382. Deputy Thomas Gould asked the Minister for Finance the amount of the original loan, the amount that NAMA wrote the loan down for; and the amount that NAMA sold the Bessboro site for. [29438/22]

Thomas Gould

Ceist:

383. Deputy Thomas Gould asked the Minister for Finance if the State sought to buy the Bessboro site from NAMA. [29439/22]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 381 to 383, inclusive, together.

As the Deputy will be aware, NAMA does not own properties, it owns loans. The properties securing NAMA’s loans are owned by debtors. These debtors, or receivers in the case of enforcement, manage and control the properties. If a State body expresses interest in a property secured to NAMA, NAMA will facilitate engagement between the debtor / receiver and the relevant body. However, as secured creditor, NAMA cannot force a debtor or receiver to act in a manner that would hinder their ability to repay their loans, such as unduly withholding properties from sale or selling a property for less than market value. As regards the Bessboro site, I am advised that NAMA has no record of an approach by a State body seeking to purchase the site.

I wish to advise the Deputy that under sections 99 and 202 of the NAMA Act 2009, NAMA is legally precluded from divulging confidential debtor information. Therefore NAMA cannot disclose the amount of the original loan attaching to the site.

I am advised that NAMA did not write down the related loan, nor was the site sold while it was secured to NAMA. Rather the loan was sold in July 2016 as part of a wider loan sale. It was at this point that NAMA’s interest in the site ended. The Deputy should note that the sale of loans does not impact the ownership of the underlying properties.

Question No. 382 answered with Question No. 381.

Question No. 383 answered with Question No. 381.